Credit Suisse Is Finally Finding Its Sweet Spot

Credit Suisse boss defends bank's role in collapsed trading product

Swiss banking giant Credit Suisse reported Wednesday a sharp cut in its annual net loss despite US President Donald Trump's US tax reforms.

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.

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 USA federal corporate tax rate.

The first six weeks of 2018 showed a "strong start" in the market-dependent businesses, with revenue gains of 10 percent in its global markets unit and 15 percent in Asia-Pacific markets, Credit Suisse said Wednesday, sending the shares up by the most in more than two months.

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The Board of Directors of Credit Suisse Group AG is proposing Michael Klein and Ana Paula Pessoa for election as new non-executive members of the Board of Directors at the Annual General Meeting on April 27, 2018.

That's a welcome change from the fourth quarter, when revenue from fixed-income trading fell 4.7 percent at Credit Suisse, while equities trading slumped 22 percent. Yet many of Credit Suisse's markets businesses went on to struggle throughout 2017 as volatility declined.

Credit Suisse Asia-Pacific posted adjusted pre-tax income of 792 million Swiss francs (US$849 million) for 2017, 1.8 per cent higher than the same period previous year, as a strong performance in its wealth management division made up for a loss of 28 million Swiss francs in its markets division. 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.

The bank said market volatility - which was also behind the meltdown of its exchange-traded notes used to bet on stock market swings - was a double-edged sword.

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