The numbers aren't good at all, especially because of the costs. Even without what was recently disclosed, investment banking, wealth and. Asset management and even non-life insurance looks heavy on costs.

The results seem quite strong and the cost commitment is visible.

This isn't really the way that investors want to see Credit Suisse boost profits.

The reason for the disappointment is clearly the higher- than-expected expenses.

At first glance, I think it's an excellent result. Wealth management and the investment bank are the clear drivers.

The outlook for our capital markets, investment banking, and wealth management businesses remains positive, driven by expectations for moderate growth in the North American economy and continued strength in equity markets. Merchant banking revenue is expected to be lower than in 2005 as we have significantly reduced the size of the portfolio.