July 30, 2020 / 5:16 AM / 15 days ago

Credit Suisse to merge investment banking units, posts Q2 profit hike

ZURICH, July 30 (Reuters) - Credit Suisse said it was wrapping its global markets and investment banking divisions into a single unit, as Chief Executive Thomas Gottstein puts his first major strategic stamp on the bank.

Switzerland’s second-biggest bank also posted a 24% rise in second-quarter net profit to 1.162 billion Swiss francs ($1.27 billion), overshooting the mean estimate for 700 million Swiss francs in the bank’s own poll of 17 analysts.

$1 = 0.9126 Swiss francs Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields

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