At Credit Suisse (CS), investment bank reported adjusted pre-tax loss of US$337m in Q1 23, despite gains of US$257m on its increased buyback principally in the structured notes portfolio.
The portfolio comprised of equity and fixed income structured products saw its value reduced as prices reflected ‘significantly wider own credit spreads', according to the Q1 23 earnings report from Credit Suisse (CS). 'Equities sales & trading revenues of US$457m declined 36% year-on-year (YoY) vs. a strong Q1 22, driven by lower revenues in equity derivatives (EQD) and cash equities,' stated the report. Credit Suisse will work closely with UBS to ensure that the transaction is com
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