Clearer picture: Pedestrians pass by the front of the Credit Suisse headquarters in Zurich. The bank will provide a more detailed account on the US tax reform’s impact with the release of its full-year results scheduled for Feb 14. — Bloomberg
ZURICH: Credit Suisse Group AG is at risk of posting a third consecutive annual loss after predicting it will take a 2.3 billion-francs (US$2.33bil) hit from a US tax overhaul signed into law by President Donald Trump.
Unless the Zurich-based bank made significantly more than 1 billion francs in the last quarter, the writedown could trigger yet another yearly deficit for the lender, which had a net income position of 1.14 billion francs after nine months.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
