Credit Suisse Makes Progress in Second Quarter, but Lots of Work Still Left To Do
Credit Suisse’s results were mixed, as the firm’s efforts on cost-cutting and de-risking were good, but we have continued concerns around capital. We plan to maintain our CHF 14/$14 fair value estimate and narrow moat rating. The good news is that the bank is on target to meet its 2016 savings goals with an adjusted expense base of CHF 20 billion, with a quarterly run rate of CHF 4.9 billion. We’re also pleased to see year-to-date wealth management inflows pick up to CHF 22 billion versus CHF 14...Credit Suisse is a financial services provider based in Switzerland. Co. is active as an integrated bank. Co. operates through two global divisions, Private Banking and Corporate & Institutional Banking. Co. offers comprehensive advice and a broad range of financial solutions to private, corporate and institutional clients primarily domiciled in Switzerland. Co. maintains operations in three regionally focused divisions: Swiss Universal Bank, Asia Pacific and International Wealth Management serving Western Europe, Central and Eastern Europe, Latin America and Africa.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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