ZURICH - Credit Suisse predicted on Tuesday financial markets would remain tough, after the Swiss bank started the year with a quarterly loss for the first time since 2008 amid a major restructuring.
The result, which comes as Chief Executive Tidjane Thiam makes sweeping cost cuts and implements a new strategy, received a guarded welcome from analysts and investors, who had expected the 302 million Swiss franc ($311 million) loss to be steeper.
But Thiam cautioned of an uncertain future. "While we saw tentative signs of a pick-up in ... March and then in April, subdued market conditions and low levels of client activity are likely to persist in the second quarter of 2016 and possibly beyond," he said in a statement.
Earlier warnings from Thiam that 2016 would be a difficult year had prepared investors for the worst. The average forecast from nine analysts polled by Reuters was for a 424 million franc loss. Credit Suisse shares jumped more than 4 percent in early trade. -Reuters
About 92 News HD Live Main TV Channel of Pakistan:
92 News (also known as 92 News HD Plus (Channel 92) is a conservative Urdu language TV channel based in Lahore, Pakistan.
Mian Muhammad Hanif is the chairman of the channel.
This TV channel is a subsidiary of Madinah Group under Galaxy Media Group.
The channel's name, 92, is to celebrate the 1992 Cricket World Cup won by Pakistan. The number 92 is also the telephone country calling code of Pakistan, which is another major reason behind the channel's name.
92 News HD is Pakistan’s first HD Plus News Channel. Aims to bring credible & responsible News & important stories from Pakistan & around the World
We bring you Latest Pakistani and International News at 92 News Hd Plus to Read and Watch
We believe in genuine and true journalism, we do not prevail sensation just for ratings.
We do not hide news but never tend to add any unethical content or angling that goes against the norms of our religion Islam and Pakistan's culture.
تازہ ترین خبریں حاصل کرنے کے لیے فوری اطلاع کی اجازت دیں
آپ کسی بھی وقت دائیں طرف نیچے بیل آئیکن پر صرف ایک کلک کے ذریعے آسانی سے سبسکرائب کر سکتے ہیں۔