Finance and Economics
Credit Suisse: Thiam's tweak
Another change of plan at Switzerland's second biggest bank.
Europe's most troubled big banks may at last be on the road to recovery.
Not only is economic growth perking up; uncomfortable decisions, put off too long, are also being taken.
In recent months, UniCredit, Italy's largest lender, has written down bad debt by 8.1bn euro ($8.7bn) and tapped shareholders for 13bn euro.
Deutsche Bank, Germany's biggest, has raised 8bn euro in equity and decided to keep a retail business it had hoped to sell.
On April 27th it reported first-quarter net income of 575m euro, up from 236m euro a year earlier, although revenue fell.
Like Deutsche, Credit Suisse is freer to make plans after a recent settlement with American authorities over mis-selling mortgage-backed securities before the financial crisis.
On April 26th Switzerland's second-biggest bank reported first-quarter net income of SFr596m ($594m), far better than forecast, reversing a SFr302m loss a year before.
Along with most of Wall Street, which published earnings earlier in the month, and Deutsche it benefited from a good quarter for fixed-income trading.
It expects to wind up a unit in which it has dumped unwanted assets by the end of 2018, a year ahead of schedule.
Credit Suisse's chief executive, Tidjane Thiam, has also ditched a plan to float 20-30% of the group's Swiss universal bank—part of a scheme, conceived in 2015, to raise SFr9bn-11bn of capital.
瑞士信贷总裁谭天忠（Tidjane Thiam）也已经放弃了为集团旗下瑞士环球银行（Swiss universal bank）增发20-30%股票的计划——这是2015年的方案的一部分，当时构想增加九十亿至一百一十亿瑞郎的资本。