In today's financial news, Credit Suisse (NYSE: CS ) reported a 63% year-over-year drop in quarterly profit, but accounting adjustments aside, the bank's pre-tax profit actually came in at $1.3 billion. Compared to last year's small loss in pre-tax profits, and with numbers up 15% over the first nine months of this year, it appears that the bank's focus on cost-saving initiatives is paying off.
With trading results and advisory services both up in 2012, the investment banking division, as a whole, seems to have emerged as the big winner. Fool.com analyst Matt Koppenheffer delivers the full story in the video below, including earnings-report coverage of boutique investment banks Lazard (NYSE: LAZ ) and Evercore (NYSE: EVR ) . Matt takes a look at how their bottom lines fared, and then notes an interesting trend for investors in search of yield.
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