Pretzel logic

Credit Suisse believes it can maintain relatively high returns while cutting back on risk. It’s a bold ambition from the Swiss wealth manager and investment bank – and one that makes it sound like it has found the philosopher’s stone. One reason to be sceptical is Credit Suisse’s recent track record. It may have outdone peers, but its absolute performance has been poor. Credit Suisse was meant to be a step ahead in risk reduction, yet it got swept up in disastrous end-of-year markets along with...