Credit Suisse trims loss, cites upside of US tax reform

GENEVA — Credit Suisse said Wednesday that it narrowed its fourth-quarter loss and predicted a positive impact from the U.S. tax reform in the future after an initial financial hit.

The Zurich-based bank, which has been undergoing a three-year restructuring under CEO Tidjane Thiam, says its net loss during the quarter shrank to 2.13 billion Swiss francs ($2.28 billion) from 2.62 billion francs a year earlier.

For the year, the bank tallied an income tax expenses of 2.74 billion francs, mostly linked to a "re-assessment of deferred taxes resulting from the U.S. tax reform."

Credit Suisse also provided a glimpse into its business already in 2018, pointing to revenue growth in the double digits in percentage terms in the first six weeks of the year. It said market volatility has had some benefits but has hurt its calendar, as clients "wait for calmer markets in order to transact."

The bank said net new assets in its key wealth management division jumped 27 percent last year to 37.2 billion francs.

Fourth-quarter revenue was essentially flat at 5.19 billion francs, while pre-tax profit came in at 141 million francs, reversing a pre-tax loss of more than 2.2 billion francs a year earlier.

Related News

Rugby couple put respect in front and center in Olympics

Aug 10, 2016

Isadora Cerullo has become a celebrity around Rio, more for what happened on the sidelines of the Olympic rugby stadium than for her performances on the pitch

Teenager who scaled Trump Tower had past problems at home

Aug 11, 2016

A Virginia teenager who climbed partway up Trump Tower in New York City had a history of problems at home

Asian shares climb, tracking gains in US stocks, oil prices

Aug 12, 2016

Asian shares rose Friday, tracking the rally in U.S. stocks that was driven by strong gains by energy companies and retailers

Search

Deck Biz is an intelligent platform providing international and regional business news updates. You won’t get these insights elsewhere other than Deck Biz.

Contact us: sales@deckbiz.com