Credit Suisse takes $51m derivatives hedging loss
Net trading revenues down 47% on year-ago quarter
Losses on hedges for uncollateralised corporate derivatives contributed to a 47% fall in earnings at Credit Suisse’s trading division in the first quarter.
The $51 million hit was more than triple a $15 million cost incurred for the same reasons in Q1 2019. First quarter net revenues for the International Banking & Capital Markets (IBCM) arm were $189 million, down from $357 million the year-ago quarter.
It could not be confirmed at press time if the losses were caused by funding valuation
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