Credit Suisse shares fell as much as 2.7% today and were 1.5% lower at 25.71 francs at 1:06 p.m. in Zurich. Before today, the stock had dropped 4.3% this year, compared with a 2.9% decline for the Bloomberg Europe Banks and Financial Services Index.
Global investment banks are pulling back from commodities trading as regulations tighten and revenue slides. Deutsche Bank AG said in December that it would exit dedicated energy, agriculture, dry bulk and base metals trading. Barclays Plc said in April it would withdraw from most of its commodities activities. JPMorgan Chase & Co. agreed to sell its physical commodities unit to Mercuria Energy Group Ltd. for $3.5 billion in March.
Pretax profit at Credit Suisse’s investment bank was steady at 752 million francs, beating the 544 million-francs average estimate of six analysts surveyed by Bloomberg News. Revenue at the securities unit benefited from a 14% increase in fixed-income revenue to 1.43 billion francs and a 29% jump in equity underwriting to 268 million francs. more »