Credit Suisse reports loss of $1.05b in 2017
Feb 15, 2018-
Swiss banking giant Credit Suisse reported on Wednesday a sharp cut in its annual net loss despite US President Donald Trump’s US tax reforms. It reported a loss of 983 million Swiss francs (851 million euros, $1.05 billion) in 2017, down from 2.7 billion Swiss francs the previous year. The second-largest Swiss bank had warned in December that the US tax reforms would hit its fourth-quarter results. In the last four months of the year, net losses were 2.1 billion Swiss francs, slightly less than forecast by analysts interviewed by Swiss agency AWP who had predicted a figure of around 2.2 billion. Over the year as a whole, the bank exceeded its cost reduction target, bringing its operating cost base down to 17.7 billion Swiss francs.
Published: 15-02-2018 09:47