Credit Suisse Loss Narrows


The latest-quarter results included income tax expenses of CHF2.23 billion, mainly reflecting the re-assessment of deferred tax assets with an associated tax charge of CHF2.3 billion, primarily resulting from the recent reduction in the United States federal corporate tax rate.

"2017 was a crucial year of delivery in our three-year restructuring plan, after 2016, which was a year of deep and radical reorganisation and restructuring", said Credit Suisse CEO, Tidjane, Thiam. The bank posted a loss of 2.1 billion Swiss francs in its fourth quarter due to the writedown, better than the 2.6 billion franc loss reported this time a year ago.

Credit Suisse is getting its house in order.

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And, while revenues grew, Credit Suisse also reduced costs by 6% between 2017 and 2016.

Credit Suisse's 2017 loss came on the back of a 2.3 billion franc writedown triggered by US tax reform.

The bank made an annual return on regulatory capital of 3.9 percent. This unit saw an increase of 13 percent year-on-year for its assets under management.

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"Credit Suisse has been responding to requests from certain governmental and regulatory authorities ... regarding Credit Suisse's hiring practices in the Asia-Pacific region and, in particular, whether Credit Suisse hired referrals from government agencies and other state-owned entities in exchange for investment banking business and/or regulatory approvals, in potential violation of the US Foreign Corrupt Practices Act and related civil statutes", the bank said when reporting its full-year results for 2017.

However, 2018 could be the turning point. "We should generate 4 to 5 billion (francs) of surplus in (2018) which can then be distributed".

Credit Suisse, which last week shuttered an obscure anti-volatility product after it incurred massive losses for clients, said trading had surged amid the market ructions in recent weeks.

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The bank said that veteran Richard Thornburgh, a former CSFB investment banker, would not stand for reelection to the board this spring. "Now it is up to Credit Suisse to show alternatives", RBR said in a statement.