WBrief: Credit Suisse PB income down, AuM up - Spear's Magazine

WBrief: Credit Suisse PB income down, AuM up

Credit Suisse’s private banking arm – comprising global wealth management and Swiss corporate and institutional clients – logged pre-tax income of SFr183 million (around $207.4 million) in the third quarter, down from SFr836 million a year ago, affected by one-off litigation costs

Credit Suisse’s private banking arm – comprising global wealth management and Swiss corporate and institutional clients – logged pre-tax income of SFr183 million (around $207.4 million) in the third quarter, down from SFr836 million a year ago, affected by one-off litigation costs.

The pre-tax income figures for the latest three-month period included litigation provisions of SFr295 million linked to US tax issues and SFr183 million connected to a German tax issue, Switzerland’s second-biggest bank said today.

More positively, net new assets in private banking stood at SFr7.4 billion, it said.

In the third quarter of 2010, the results included SFr44 million of provisions related to sales of auction rate securities. When those impacts are stripped out, pre-tax income fell 25 per cent year-on-year.

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