NEWS ON CREDIT SUISSE

Andrew Leighton Chamberlain

• A recent development coming out of Credit Suisse is that a reported 3,400 jobs will be cut over the next three years between Britain and Switzerland

• The bank also plans on raising billions of dollar in a new share offering after its net profit fell 24% in the third quarter

• Net income attributable to shareholders dropped to 779 million Swiss francs, from 1.03 billion francs one year prior

• This change is mostly in part due to “unfavorable market conditions” in the investment banking realm

• Revenues for the organization also declined a whopping 8% to 5.98 billion Swiss francs

• The wealth management and investment banking firm did announce its new plans to help grow the revenues over the 6 billion mark once again

• Tidjane Thiam, CEO of Credit Su i s se was in ter v iewed recently on the topic of growing revenues and the new plans moving forward

• Thiam was quoted in saying, “reinforce the need for a restructuring of the bank,” in regards to the new results.

• Thiam aims to reduce the volatile atmosphere of the bank and really hone in on private banking and wealth management clients

• Thiam later went on in the same interview to point out some interesting facts about Credit Suisse’s performance in the third quarter

• Thiam said, “In the third quarter, difficult market conditions led to low client activity in both our investment banking, and private banking and wealth management divisions," he said in a statement. "This translated into lower profits and was particularly visible in our fixed income sales and trading performance.”

• In addition to the revamping the investment banking and wealth management sectors, the organization will be reducing about 1,800 jobs in Britain and around 1,600 in Switzerland

• This decision is being made on the plan to achieve 2 billion Swiss francs in cost savings in the next 3 years

Andrew Leighton Chamberlain

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