Brady Dougan has been talking about the need for "disciplined risk-taking" since he took charge of Credit Suisse's investment banking unit in 2004. But perhaps only the second half of the message is getting through.
The bank's equities desk is reported to have lost about $120m in the third quarter from issuing reverse convertible notes (RCNs) on Korean stocks. It remains to be seen how this fits into the overall trading result, but it is a big number all the same.
