Don't miss

Replay


LATEST SHOWS

THE DEBATE

Trump, Guns and School Shootings: Can Students Help Change Gun Control Laws?

Read more

THE DEBATE

Trump, Guns and School Shootings:: Can Students Help Change Gun Control Laws?

Read more

FOCUS

What's behind Germany's steep drop in juvenile crime?

Read more

ENCORE!

Music show: Duck Duck Grey Duck, Femi Kuti, Starchild & the New Romantic

Read more

TALKING EUROPE

Greek Cypriot negotiator: 'We stand a chance' of reunifying Cyprus

Read more

TALKING EUROPE

Towards a European army? The future of defence for the EU

Read more

THE INTERVIEW

Photographer Pete Souza shares his ‘portrait’ of Obama

Read more

THE INTERVIEW

Syria's White Helmets: 'We had 400 casualties last week'

Read more

BUSINESS DAILY

Donald Trump Jr.'s India visit raises eyebrows

Read more

Losses narrow at Credit Suisse despite US tax reforms

© AFP/File | The bank warned in December that the US tax reforms would hit its fourth-quarter results.

ZURICH (AFP) - 

Swiss banking giant Credit Suisse reported 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.

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

The repositioning aims to reduce the volatility of the group's results, as merchant banking activities are more sensitive to market turmoil than asset management.

"2017 was a crucial year of delivery in our three-year restructuring plan, after 2016, which was a year of deep and radical reorganisation," chief executive Tidjane Thiam was quoted as saying in a company statement.

"It was key for us to demonstrate that our new structure is effective and that the strategy formulated in 2015 is working."

© 2018 AFP