Credit Suisse posts a 24% jump in second-quarter net profits and shakes up its investment-banking division

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• Credit Suisse reported a 24% jump in second-quarter net profits, driven by a surge in investment banking and capital market sales.
• The Swiss bank announced sweeping structural changes by merging its investment banking and trading divisions onto a single integrated platform with effect from August 1.
• The move is expected to generate annual savings of 444 million Swiss Francs ($437 million)  from 2022 onwards.
• Risk and compliance functions were also combined under the new chief executive's first restructuring of the bank.
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Credit Suisse posted on Thursday a 24% jump in second quarter net profits despite COVID-19 market volatility and "continued geopolitical difficulties." 

Income attributable to shareholders rose to 1.2 billion Swiss Francs ($1.3 billion) versus 937 million Swiss Francs ($1 billion) last year, beating Bloomberg analyst estimates.

See the rest of the story at Business Insider

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