Saturday, 24 February, 2018

Credit Suisse Trims Loss, Cites Upside Of US Tax Reform

Credit Suisse boss defends bank's role in collapsed trading product Credit Suisse trims 4Q loss, cites upside of US tax reform
Kelvin Reese | 15 February, 2018, 07:01

Credit Suisse has come under pressure from an activist investor, Swiss hedge fund RBR, which took a stake in the bank previous year and is pressing for the firm to hive off its investment bank and move it to NY from Zurich.

Credit Suisse said on Wednesday that it was under investigation in the United States over its Asian hiring practices, joining the ranks of the global investment banks being probed by regulators for recruiting staff in exchange for business.

Mr Thiam insisted: "Our strategy is working".

Credit Suisse shares rose 3.7 percent to 17.1 Swiss francs by 0935 GMT.

The bank said it will pay its first all-cash dividend in four years, a move it adopted last year following a pay snafu which saw Credit Suisse (CS) back down amid massive pressure from large institutional investors.

Thiam was positive about business in the first few weeks of 2018.

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The expectations are that Credit Suisse will mark a new increase in cash, both in Q4 2017 and in the whole year.

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.

After a strong start to 2018, Credit Suisse said: "Our market-dependent activities remain exposed to a number of uncertainties, from geopolitical developments, to the path and speed of interest rate changes in major economies", the Credit Suisse earnings release said.

"We've been through a lot with this thing".

"They're on the right track", Thomas Jaeger, a senior portfolio manager at Mirabaud Asset Management, said ahead of the results.

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 US tax reform in the future. On a pre-tax basis, it was the bank's first year in the black since Thiam launched the turnaround plan in 2015.

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