FX market doldrums hit Credit Suisse earnings
Private banking hit by low FX volatility
Credit Suisse has attributed a significant decline in its private banking and wealth management net revenues to lower transaction fees from foreign exchange client business, as low volumes and volatility in the market continue to take their toll on sell-side institutions.
Private banking profits fell by 9% in the second quarter of 2014, compared with the same period of last year, and dropped almost 4% from the first quarter of this year. Return on capital for the business line decreased from 31
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