Resilience. That was the key message Credit Suisse wanted investors and analysts to take away from Thursday’s second-quarter earnings call, which was rather overshadowed by the publication of the independent report into the extraordinary risk management failures around Archegos.
“Our investment bank was resilient in the face of a more conservative approach to risk and a less favourable trading environment,” chief executive Thomas Gottstein told investors and analysts, while characterizing the first half of the year as “incredibly challenging”.
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