Credit Suisse on Thursday followed Wall Street rivals in posting a second-quarter surge in revenues from mergers and takeovers advice and from equities trading, although this did not offset higher regulatory and compliance costs and lower underwriting revenues as profits fell from a year ago.

The Swiss bank's results, the first since Tidjane Thiam took over as group chief executive from Brady Dougan at the start of this month, opened the quarterly earnings season for European banks following a strong showing in advisory and equities trading by US banks over the three months to June 30.