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Credit Suisse posted a smaller-than-expected fall in second-quarter earnings on Thursday, sending its shares sharply higher in Zurich and giving some investors new hope that the turmoil in the financial sector was showing signs of easing. The Swiss bank’s earnings easily beat analysts’ forecasts, despite falling 62 percent to 1.2 billion Swiss francs ($1.16 billion), because of smaller asset write-downs than expected. Its investment bank, private bank and asset management business all posted profits. An analyst at WestLB, Georg Kanders, said the results “could be the confirmation of the beginning of the end of the financial crisis.” Credit Suisse said its wealth management unit attracted net funds of 15.4 billion francs in the quarter, more than twice the forecast amount. “They’re taking a considerable number of clients away... [read full story]
