Switzerland bank, Credit Suisse was able to increase its investment revenues by 8% in the first quarter of the year despite adverse global conditions. The country’s second largest bank outdid the performance of rival Barclays, whose investment turnover fell by 15%. Both companies now are at profit margins of US$ 5.4 billion.
Along with other three firms, Credit Suisse has been ordered to pay a fine of 1.75 million pounds after it failed to give correct transactions to the Financial Services Authority in time.
Market manufacturer, Getco Europe Limited has been fined 1.4 million Pounds and agency stockbroker, Instinet Europe Limited has been fined 1.05 million Pounds.
In an effort of enhancing the Swiss-business, UBS AG has announced that Lukas Gaehwiler, a well known banker and earlier with the prominent competitor Credit Suisse Group AG for 20 long years, has been appointed Chief Executive Officer for Switzerland. The new CEO will take up the position on 1 April.
The bank, Credit Suisse, said that Chief Executive, Brady Dougan topped the bank's pay list in 2009 with a sum of 19.2 million Swiss francs ($17.93 million).
On Thursday, the annual report of Credit Suisse showed that the bank had remunerated its executive board a whole of 148.9 million francs, 132.4 million francs of which were bonuses.
The Credit Suisse Group reported $746 million net profit in its fourth quarter, on Thursday. The bank witnessed the asset inflows of 12.5 billion francs.
Analysts at Zuercher Kantonalbank noted that Credit Suisse released set-asides, worth 40 million francs during the quarter, rather than increasing its reserves by 250 million francs as predicted.
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