Thomas Gottstein, Chief Executive Officer of Credit Suisse Group AG, commented:
Our results for the first quarter of 2021 have been significantly impacted by a CHF 4.4 billion charge related to a US-based hedge fund. The loss we report this quarter, because of this matter, is unacceptable. Together with the Board of Directors, we have taken significant steps to address this situation as well as the supply chain finance funds matter. Among other decisive actions, we have made changes in our senior business and control functions; we have enhanced our risk review across the bank; we have launched independent investigations into these matters by external advisors, supervised by a special committee of the Board; and we have taken several capital-related actions.
In the bank’s Wealth Management-related businesses, it registered strong growth reporting net revenues of CHF 3.9 billion, up 3% YoY, with transaction-based revenues up 18%, recurring commissions & fees up 3% and lower net interest income, down 9%.
Credit Suisse’s Investment Bank preserved its momentum as it reported revenues growth of USD 3.+ billion with an 80% jump YoY. Fixed Income Sales & Trading rose 29% year on year, Equity Sales & Trading by 23% and Capital Markets & Advisory6 was up significantly.
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