Credit Suisse Q2 profit misses estimates as bank pares risk after scandals

Credit Suisse Group AG reported a bigger-than-expected plunge in second-quarter profit, as the aftershocks of the Archegos Capital Management and Greensill scandals reverberate across the investment bank and wealth management businesses.
 

Net income tumbled 78% from a year earlier, dragged down by a slump in trading that was exacerbated by a $653 million Archegos-related loss. The advisory business -- a key area of strength in recent quarters -- saw revenues decline by more than a third, while the bank saw billions of outflows in Asia as it reduced ties with some clients.

Credit Suisse is working to recover from one of