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

He did everything he could and did it with the utmost professionalism and commitment.

The commitment - it's for the worst of the worst.