Swiss banking giant Credit Suisse reported Wednesday a sharp cut in its annual net loss despite US President Donald Trump's US tax reforms.
The Zurich-based bank said net loss for the year narrowed to 983 million Swiss francs, from a far larger 2.71 billion francs in 2016.
The latest-quarter results included income tax expenses of 2.234 billion francs, mainly reflecting the re-assessment of deferred tax assets with an associated tax charge of 2.3 billion francs, primarily resulting from a reduction in the U.S. federal corporate tax rate following the enactment of the Tax Cuts and Jobs Act in the USA during the fourth-quarter of 2016.
Credit Suisse said on Wednesday that it was under investigation in the United States over its Asian hiring practices, joining the ranks of the global investment banks being probed by regulators for recruiting staff in exchange for business.More news: American Emily Sweeney walks away after scary Olympic luge crash
Revenue is Asia's markets unit - trading - surged 15 percent in the first six weeks of this year, while income in its overall markets arm climbed by 10 percent, the bank said.
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.
Credit Suisse Group AG's trading revenue rebounded at the start of the year along with market volatility, in what Chief Executive Officer Tidjane Thiam said was evidence that the investment bank was alive and well after two years of cost reductions.
And, while revenues grew, Credit Suisse also reduced costs by 6% between 2017 and 2016.More news: Four-goal Aguero runs riot as Man City rout Leicester
The bank said net new assets in its key wealth management division jumped 27 percent past year to 37.2 billion francs.
The expectations are that Credit Suisse will mark a new increase in cash, both in Q4 2017 and in the whole year.
"We're adopting a cautious short-term outlook in this period of heightened volatility", stated.More news: Celtic, Man Utd lead tributes to former midfielder Miller