Credit Suisse: 3Q profit drops, cites 'challenging' market

GENEVA (AP) " Credit Suisse reported a 19-fold drop in third-quarter profit compared to a year ago, with net revenues down 10 percent as the Swiss bank cited "challenging" market conditions and paid out deferred compensation.

The Zurich-based bank said Thursday that net income attributable to shareholders was 41 million Swiss francs ($42.1 million) in the quarter, down from 779 million a year earlier. Net revenues fell to 5.56 billion francs, from 6.07 billion.

The company's Swiss Universal Bank improved thanks partly to real estate sales. The equities business had a weaker contribution notably in derivatives and equities trading in Europe.

CEO Tidjane Thiam has been trimming thousands of jobs in a restructuring. He said the bank's outlook would "remain challenging" over the next several quarters because of geopolitical and macroeconomic uncertainty.

This story has been automatically published from the Associated Press wire which uses US spellings

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