Credit Suisse reports third annual loss, but says restructuring working

15 February, 2018, 07:00 | Author: Terri Saunders
  • Credit Suisse boss defends bank's role in collapsed trading product

Assets under management in the lender's wealth management businesses grew by 13 percent year-on-year to a record 772 billion Swiss francs.

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

But the meltdown of one of the bank's volatility products last week and two recent USA lawsuits over activities before and just after Thiam took charge have raised questions about how far his strategy has taken hold.

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

It was the second year of a three-year reorganisation of the bank's activities to focus on wealth management over merchant banking.

Thiam on Wednesday cautioned that the violent swings of the past weeks had a negative impact on the advisory business, because clients prefer calmer market to issue stocks or bonds.

Global smartphone sales growth will slow down in 2018 — TrendForce
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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. All other members of the board will stand for re-election for a further term of office of one year, Credit Suisse.

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.

"We're adopting a cautious short-term outlook in this period of heightened volatility", stated.

Marc Halperin, a fund manager at top-30 Credit Suisse shareholder Federated Investors, said investors had weathered enough not to be put off by last week's derivatives shakeup.

"The most pleasing thing for me has been to see that our franchise is intact and actually vibrant", Thiam said in an interview with Francine Lacqua on Bloomberg Television.

Credit Suisse said Wednesday that it narrowed its fourth-quarter loss and predicted a positive impact from the US tax reform in the future after an initial financial hit.

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