Credit Suisse boss defends bank's role in collapsed trading product

Credit Suisse boss defends bank's role in collapsed trading product

Credit Suisse boss defends bank's role in collapsed trading product

Credit Suisse's common equity Tier 1 capital ratio, assuming full implementation of Basel rules, was 12.8 percent at the end of December, down from 13.2 percent at the end of the third quarter.

The Swiss bank Credit Suisse is expected to report a third consecutive annual loss, mainly due to write off of 2.3 billion CHF (2.45 billion USD) related with the USA tax reform. But investors are rewarding its improved ability to profit from increases in revenues.

The bank's shares rose more than 3 percent. "In 2018, we will remain focused on disciplined execution and on delivering value for our clients and shareholders for the final year of our restructuring plan".

The bank said it will pay its first all-cash dividend in four years, a move it adopted last year following a pay snafu which saw Credit Suisse (CS) back down amid massive pressure from large institutional investors.

Credit Suisse also provided a glimpse into its business already in 2018, pointing to revenue growth in the double digits in percentage terms in the first six weeks of the year. "Now it is up to Credit Suisse to show alternatives", RBR said in a statement.

"The most pleasing thing for me has been to see that our franchise is intact and actually vibrant", Thiam said in an interview with Francine Lacqua on Bloomberg Television.

That's a welcome change from the fourth quarter, when revenue from fixed-income trading fell 4.7 percent at Credit Suisse, while equities trading slumped 22 percent. Thiam said that there will be further cost cuts in the business this year but that the main target would be to increase productivity.

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.

And, while revenues grew, Credit Suisse also reduced costs by 6% between 2017 and 2016.

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