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.”