clear
Saturday November 17th, 2018 10:17AM

Credit Suisse trims loss, cites upside of US tax reform

By The Associated Press
Related Articles
  Contact Editor

GENEVA (AP) — 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.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Credit Suisse trims loss, cites upside of US tax reform
Credit Suisse says 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
6:22AM ( 11 minutes ago )
What to watch from Pyeongchang - Day 5
Valentine's Day at the Olympics brings pairs skating and lots of curling
6:10AM ( 24 minutes ago )
The Latest: Prince Albert touts snow volleyball at Olympics
Snow volleyball is not an Olympic sport, and it probably never will be, but it's having a moment at the Pyeongchang Olympics
6:06AM ( 28 minutes ago )
Associated Press (AP)
European officials: Virtual currencies are no way to pay
A top European monetary official says digital currencies are no substitute conventional money issued and managed by central banks
5:31AM ( 1 hour ago )
South African police raid business family linked to Zuma
South African police raid business family linked to president after party orders him to resign
5:14AM ( 1 hour ago )
The Latest: Japan holds off Korea 4-1 in Olympic hockey
Japan has held off Korea 4-1 for its first Olympic victory in women's hockey, with Hanae Kubo and Shoko Ono each scoring in the first period.
5:04AM ( 1 hour ago )
AP Business
10 Things to Know for Wednesday
Among 10 Things to Know: US intel sees signs of Russian meddling in midterms; police recommend corruption charges for Netanyahu; Mattel doubles down on Uno with a new card game called Dos.
7:10PM ( 11 hours ago )
Trump adviser denies he cheered end of tunnel funding deal
A New York City developer who has advised the Trump administration on infrastructure is denying reports he is cheering on the president's decision not to pay for half of the $13 billion price tag for a new rail tunnel between New York and New Jersey
5:37PM ( 12 hours ago )
NBC exceeding expectations 5 days into Olympics
It's still early, but NBC says it is exceeding viewership expectations five days into the Pyeongchang Olympics
5:27PM ( 13 hours ago )
AP Business - Corporate News
What to watch from Pyeongchang - Day 5
Valentine's Day at the Olympics brings pairs skating and lots of curling
6:10AM ( 24 minutes ago )
The Latest: Prince Albert touts snow volleyball at Olympics
Snow volleyball is not an Olympic sport, and it probably never will be, but it's having a moment at the Pyeongchang Olympics
6:06AM ( 28 minutes ago )
The Latest: South Africa could have new leader on Thursday
The Latest: South Africa's ANC says parliament could elect country's new president tomorrow
6:04AM ( 29 minutes ago )
Credit Suisse trims 4Q loss, cites upside of US tax reform
Credit Suisse says it narrowed its fourth-quarter loss as pre-tax income swung into the black, while the Swiss bank predicted a positive impact from the U.S. tax reform in the future
6:04AM ( 29 minutes ago )
10 Things to Know for Today
Among 10 Things to Know: Prominent Republican women frustrated by White House's approach to abuse charges; New fronts emerge in Syria as Assad, allies push for victory; Shaun White wins USA's 100th winter gold, gets grilled by media
6:02AM ( 31 minutes ago )