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

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

Credit Suisse trims 4Q loss, cites upside of US tax reform
People walk in the front of the Credit Suisse bank at the tram stop Paradeplatz in the square's centre in Zurich, Switzerland, Wednesday, Feb. 14, 2018. (Ennio Leanza/dpa via AP)

GENEVA  /February 14, 2018 (AP)(STL.News) — 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.

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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By Associated Press – published on STL.News by St. Louis Media, LLC (Z.S)

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