Credit Suisse trims 4Q loss, cites upside of US tax reform

Updated 3:07 am, Wednesday, February 14, 2018

GENEVA (AP) — Credit Suisse says it narrowed its fourth-quarter loss as pre-tax income swung into the black, while the Swiss bank predicted a positive impact from the U.S. tax reform in the future.Vector Art

The Zurich-based financial institution, which has been undergoing a three-year restructuring under CEO Tidjane Thiam, says its net loss during the quarter shrank to 2.13 billion Swiss francs ($2.28 billion) from 2.62 billion francs a year earlier.

For the year, the bank tallied an income tax expenses of 2.74 billion francs, mostly linked to a “re-assessment of deferred taxes resulting from the U.S. tax reform.”

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