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

Ivan Schwartz
February 15, 2018

"2018 is set to be a year in which Credit Suisse should be able to deliver turnaround benefits from the large-scale restructuring programme", Baader Helvea analyst Tomasz Grzelak said in a note. "In the second full year of our restructuring plan, we remain focused on execution", Thiam added. Its stock rose 3% on Wednesday and has outperformed its crosstown.

Revenue is Asia's markets unit - trading - surged 15 percent in the first six weeks of this year, while income in its overall markets arm climbed by 10 percent, the bank said.

Credit Suisse group as a whole reported a net loss of 983 million Swiss francs, its third straight year of losses after facing 2.7 billion francs of income tax expenses mostly because of United States tax reform.

Speaking to the media on Wednesday, Helman Sitohang, Credit Suisse's chief executive officer for Asia-Pacific, said that he could not give any further details.

Switzerland's second biggest bank reported a net loss of 983 million Swiss francs (1.05 billion US dollars) for the year and said that it paid 2.74 billion Swiss francs in income tax expenses.

Trans-Tasman T20 tri-series
Newcomers Mark Chapman (20) and Tim Seifert (14 not out) provided the late fireworks on their global debuts. Chapman and Seifert scored quick runs.

Salon to ad blockers: Can we use your browser to mine cryptocurrency?
It asks readers to either disable the ad blocker or else "block ads by allowing Salon to use your unused computing power". Salon goes on to explain the mining process by saying it's borrowing the power to solve complex calculations.

Premier League's new TV deal shows slowing economic growth
BT claimed the other package to have been sold so far, switching from its current 5.30pm slot on Saturdays to 32 games at 12.30pm.

Credit Suisse's common equity Tier 1 capital ratio, assuming full implementation of Basel rules, was 12.8 percent at the end of December, down from 13.2 percent at the end of the third quarter. "A year ago, the CEO said "you can see the momentum" in the markets businesses" and predicted a "very strong in the first quarter, barring unforeseeable events".

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.

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.

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

Other reports by GizPress

Discuss This Article

FOLLOW OUR NEWSPAPER