C Suisse reports third straight annual loss after US tax writedowns

Credit Suisse posted its third consecutive annual loss on Wednesday, highlighting writedowns in the fourth quarter of 2017 due to the overhaul of the U.S. tax system.

It reported a net loss of 983 million Swiss francs ($1.05 billion) for the year and said that it paid 2.74 billion Swiss francs in income tax expenses, primarily related to the re-assessment of deferred taxes resulting from the U.S. tax changes.

“(The bank) is in a better place (from a year ago),” Tidjane Thiam, chief executive of Credit Suisse, told CNBC Tuesday.

“If you look at the results we announced today and the key things in the results, we talked a lot about operating leverage i.e. We are working hard to increase revenue and reduce cost. We were able to do that at the bank level as a whole.”

Source: HITC

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