ZURICH, Oct 24 (Reuters) - Credit Suisse said it would restructure its interest rate trading activities following a third-quarter slide in revenue at its investment bank.
The Swiss bank said overall net profit rose on the year to 454 million Swiss francs ($509.1 million) from the year-ago period, where charges linked to its own debt ate into profits. The profit missed by far analyst estimates, which averaged 705 million francs.
“Credit Suisse is restructuring and simplifying its rates business in order to increase returns,” in a bid to lower risky assets and leverage, the Swiss bank said in a statement on Thursday.
The trading slump was no secret after several banks sought to cool expectations in recent weeks. Credit Suisse had said the seasonal slowdown was exacerbated by volatile markets.
Deutsche Bank and UBS both report the quarter on Tuesday; British bank Barclays reports on Wednesday.
$1 = 0.8918 Swiss francs Reporting by Katharina Bart, Editing by Michael Shields