Activist RBR says Credit Suisse results show more action needed

Activist RBR says Credit Suisse results show more action needed

Zurich-based Credit Suisse reported a full-year net loss of SFr983m (£759m), mainly due to one-off tax charges, previously stated at SFr2.741bn, related to USA tax reforms.

The Zurich-based bank said net loss for the year narrowed to 983 million Swiss francs, from a far larger 2.71 billion francs in 2016. That helped the bank return an nearly unchanged pretax profit of 729 million francs (725 million in 2016). Thiam said 2017 was a "crucial year" of delivery in its three-year restructuring plan.

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


The loss was lower than analysts expected and an improvement on the bank's losses of 2.7bn francs in 2016 and 2.9bn francs in 2015. Net revenues were up 15 percent at the markets business as the bank profited from brisker trading.

"Lower equity sales and trading revenues were primarily driven by weaker results, reflecting a hard trading environment that was characterized by persistently low levels of volatility and reduced client activity in equity derivatives", the Zurich-based bank said after reporting a narrowing full-year loss. "We should generate 4 to 5 billion (francs) of surplus in (2018) which can then be distributed". This unit saw an increase of 13 percent year-on-year for its assets under management. Instead, the bank is proposing Ana Paula Pessoa, a board member at France's Vinci Group, as well as former Salomon Brothers and Citigroup banker Michael Klein for election.

Related Articles

  • Missing Whiteface skier found alive -- in California

    Missing Whiteface skier found alive -- in California

    The circumstances regarding this case are under investigation and police said further details will be released at a later time. Officials say they actually tracked the location of the missing skier through the day, as his ticket was scanned at ski lifts.
    Dead Space is free to claim on Origin for a limited time

    Dead Space is free to claim on Origin for a limited time

    Dead Space can be claimed for free right now via Origin , and the only requirement is having an account on the platform. All you have to do is head over to the game's official Origin page and acquire your free copy.
    Google Stories to Get More Amped Up After Upcoming Update

    Google Stories to Get More Amped Up After Upcoming Update

    In simple terms, Gmail users will be able to achieve more without leaving the email once developers tap into "AMP for Email". For example, now there are over 31 million domains on the internet publishing AMP and they published over 5 billion pages.
  • The first BMW X4 takes its leave…

    The first BMW X4 takes its leave…

    BMW plans to offer two models, at least initially, a standard xLine and an M Performance model. Boot space is rated at 525 litres with the rear seats up or 1430 litres with the seats down.
    Sweeney's run ends in crash

    Sweeney's run ends in crash

    Germany's Natalie Geisenberger took home the gold medal once the competition resume, while American Erin Hamlin finished sixth. The 24-year-old was then whipped up the wall of the track before the impact of the crash dislodged her from the toboggan.
    Surprise arrest of Lotte Chairman creates leadership vacuum, shares down

    Surprise arrest of Lotte Chairman creates leadership vacuum, shares down

    Lotte is just one of the country's influential family firms, or chaebols, caught up in the corruption scandal. Lotte's South Korean arm expressed dismay at what it called an "unexpected" outcome.
  • Google testing 'Reply,' a smart replies app for third-party apps

    Google testing 'Reply,' a smart replies app for third-party apps

    The app is now only being offered to Android users as part of a test, which select people have been invited to. Google is working on a new way for users to send quick replies without typing anything.
    Google's next Android overhaul is said to embrace iPhone 'notch'

    Google's next Android overhaul is said to embrace iPhone 'notch'

    With Family Link , it allows parents to create Google Accounts for their kids under 13 and manage their Android devices. But, building notch camera support into Android signals that Google expects Apple's iPhone X design to catch on.
    Peru prisoner who swapped places with twin to escape jail is recaptured

    Peru prisoner who swapped places with twin to escape jail is recaptured

    Alexander Jheferson Delgado Herrera had been serving a 16-year sentence for child sex abuse and robbery, the BBC reported . When his twin Giancarlo visited him in jail, Alexander drugged him, put on his clothes and walked out.
  • Sports Illustrated Swimsuit issue aims to combine nudity with female empowerment

    Sports Illustrated Swimsuit issue aims to combine nudity with female empowerment

    With all the changes happening, Day wants her audience to know that the magazine's sexy appeal isn't going anywhere. This time, the photos shot in Aruba are even more eye-popping than those that appeared past year in her SI debut.
    South Africa police raid Gupta home, pressure on Zuma increases

    South Africa police raid Gupta home, pressure on Zuma increases

    Speculation is rife that the raid is in connection with the Gupta family's alleged involvement in state capture . Hawks spokesman Hangwani Mulaudzi said the raid was part of a probe into influence-peddling allegations.
    Black Panther pre-screening: MTN excites customers at Silverbird cinemas

    Black Panther pre-screening: MTN excites customers at Silverbird cinemas

    Hype for the new film, which is now sitting at 97 percent on Rotten Tomatoes, is at an all-time high for superhero moveies. No track in " Black Panther: The Album " falls totally flat on its face and all range from pretty enjoyable to incredible.