and i think that is something that tidjane thiam is very pleased with.ecause in a negative deposit rate, very encouraging to see that money can still be made in basic banking operations. and to be honest, the markets have not been helping, and that's another point that i put to tidjane thiam, is there going to be any improvements in the markets? >> february 4th, last time we spoke was a scary time. january was the worst january in the history of markets. i was speaking after four weeks of that. since then, february was bad. march was better than february, april was better than march, so we're clearly on an improving trend on a relative basis but we are still below prior levels. so, i think that's how we'd characterize it. so improvement, but below. there's some bright spots if you take ibcm with the back load of 53%. and it's more than doubled, so that's really a bright spot. that's gone very well. and very strong. >> so bearing in mind that the share price of this bank over the last 12 months or so has declined, what, 45%, 50%, shareholders will be plea

it shows how tidjane thiam has fared since june 1 last year.eturn which includes dividends down 42%. their peers have fared better, down 62%. how does it fair for credit investor relative to its peers? otto: for credit investors it has been a much less problematic story. credit suisse has not really been an outlier and performance, spreads have held up, and maybe the secret is also not small capital increases done late last year so equity investors always live at the risk of dilution, which credit investors do not have. to see you again, thank you for joining us. big data is becoming big business but how can companies use the power of information to drive sales and improve the customer experience? it is a damp day in london. that summer did not last long. ♪ mark: let's check out what is happening to equity markets. -- naraeck with merit jake. if you look at the stoxx 600 it is up more than 1% at the moment. most industry groups actually higher with banks and travel and leisure stocks among the best performers. if you look at individual indices,

tidjane thiam talking to francine there about what they will do in the future. now watching "on the move." it is 7:28 in london and 8:28 in berlin. we are 31 minutes away from the market open. i'm guy johnson and i'm sitting next to caroline hyde. as we have been hearing, it is "cut, cut, cut" for credit suisse. q2 is looking subdued. eeasy jet revenue came in below estimates. we will be speaking with ceo carolyn mccall shortly. and miners are in a hole. ware we heading back to those january lows? as i say, we are not 30 minutes away from the european open. going to takeopen us? let me take you to the bloomberg and show you where the fair value calculations point this morning. it looks like we will be a positive start in europe. the euro stocks is up by .6%. the with the 100 is up by .5%. by .5%.tse 100 is up it looks like the dax is going to outperform. i want to show you this as well. these are the future is out of singapore. this is a year chart. we have been sliding lower, but this morning we are trading at 51. the mining sector this morning, it will be an i

investors are looking past the loss and focusing on chief executive tidjane thiam's progress in overhauling business. he spoke to printing the quad today in zurich. >> one billion swiss rate of profit in this quarter. that means i do not think it will get worse, 4 billion trajectory. we have a 6.5 billion 2018 target. it does not seem so crazy anymore. mark: michael moore leaves the u.s. financial -- leads the u.s. financial team for bloomberg news. have they turned a corner or not? it has only been two months since they had to revise their strategic plan. the lack of surprise was good news. having it the study through the restructuring. mark: good news on the cost cuts. winding down the unwanted assets? michael: they're going faster than people anticipated. they are halfway through their annual cost cutting in the first quarter. there is speculation they could go beyond what they originally laid out. they are getting rid of some of the distressed debt that caused so much loss over the last two quarters. news? why the good what is happening in credit suisse's business that is allowing him t

gulliver received a large majority of votes followed by tidjane thiam and richard c carrion. let me give you a look at the performance of the banks, though. if you look at the one-year change, we're down an eye-watering, what, 29.75%. we did see a bit of a pickup or fwhou bounce in the bank debt. is that the lows? >> i think they can keep going for a while. it's a achewing correlation between the rates and the steepness of the curve and the performance on the broader market. i think right now, rates and boons followed the types of rates in the u.s. it might be good capital trade. beyond that i don't think the have seen real inflation. i don't think that rates are going much higher. eventually, they're going back down. for then, i think of the central issues is challenging. >> you're talking about negative interest rates and impact that's having in particular, weighing on the performance? >> for example, like at some point, the banks cannot cover the cost of negative rates forever. if they do, they will be the big deposits for banks. are we going to see a bank run, we're not g

credit suisse posted another quarterly loss but shares arising after the ceo, tidjane thiam said he isfident. francine lacqua talked with him and joins us live with more from zurich. it's the classic least ugly contest. it's not as bad as some investors thought. francine: that's it. he was confident about the future. but what they came out with in march was a little bit distraught. they had to cut back on some of their outlook. today there are no income was smaller than -- their net income was smaller than expected. he says everything is on track. there doesn't seem to be anymore capital raising. overall he seems confident about the future but didn't want to be overconfident. here he is. >> there wasn't -- there was a time in january and february which were very bad. march and april were better. march and may are showing some positive signs. it is always difficult when you are in that position. we still remain cautious in terms of outlook because it feels fragile. sentiment feels fragile. francine: less volatility? >> we are not ready to make a prediction on that. hopefully. but the ma

when i spoke to tidjane thiam he sounded very confident.e could not quite call the end of the sanguine market but he does feel a lot more comfortable. is there anything that analysts should worry about in what we found out today? michael: i think the worry is that is going to be more of a slog. --hink they were protecting predicting confidence in their plan because they had to change the plan in march so i think they wanted to project that they are back on track, that it is just going to be more of the cutting story. surprise better than a is what you got a couple of months ago. they arederstand spinning the span and they are doing a great job in zurich. who will they end up merging with? thatere a list of banks you guys talk about in london? thiam said they will not be merging with deutsche bank when asked about that. the problem is, they are shrinking the investment bank. they are trying to build up and wealth management and they are having enough trouble getting their own ship in order. do have a merger on top of that would certainly com