Thursday, 15 November, 2018

Credit Suisse cushions image blows with hard cash

Tidjane Thiam 6 Credit Suisse boss defends bank's role in collapsed trading product
Elsie Buchanan | 15 February, 2018, 06:59

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.

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.

"If you look at the results we announced today and the key things in the results, we talked a lot about operating leverage i.e". Yet many of Credit Suisse's markets businesses went on to struggle throughout 2017 as volatility declined.

Credit Suisse has managed faster growth in its wealth management business than rival UBS, growing assets under management to a record 772 billion Swiss francs ($827 billion) previous year while cutting 3.2 billion francs in costs since 2015. Thiam said 2017 was a "crucial year" of delivery in its three-year restructuring plan.

The expectations are that Credit Suisse will mark a new increase in cash, both in Q4 2017 and in the whole year. Shares in Credit Suisse rose more than 3pc in Zurich.

Denmark's Prince Henrik dies at 83
Henrik had his fair share of engagements and patronages, as well as accompanying the queen on state visits and other functions. His family had spent many years in Vietnam but left the country following the defeat of the French in the First Indochina War.


"It's too early. We said that our philosophy would be to generate significant surpluses and to distribute 50 percent of that to shareholders either as a dividend or as a share buyback", he said.

However, 2018 could be the turning point.

Thiam pointed out that, nonetheless, it is up to the bank's board to make that decision. On a pre-tax basis, it was the bank's first year in the black since Thiam launched the turnaround plan in 2015.

Mr Thiam said recent volatility had boosted the bank's markets business at the start of this year, suggesting a return to choppier conditions could benefit investment banks after a period of calm.

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.

Recommended

Williamson fires New Zealand to T20 win over England Williamson fires New Zealand to T20 win over England England started brightly in reply before the consistent loss of wickets stifled progress, meaning the tourists fell 12 runs short. New Zealand can now secure a spot in the tri-series final with a win over Australia at Eden Park on Friday.

Two Israelis Nearly Lynched in Jenin, Saved by Palestinian Authority Forces Two Israelis Nearly Lynched in Jenin, Saved by Palestinian Authority Forces Ahed's case was adjourned until March and is expected to continue for months, during which may be forced to stay in custody. The judge reportedly chose to close the doors to the courtroom in the Ofer courthouse to everyone except Tamimi's family.

Oregon Woman the First Human Infected With Cattle Eye Worm Oregon Woman the First Human Infected With Cattle Eye Worm That worm is found throughout the northern US and southern Canada, but until now was never found to affect humans. They did not give her anti-parasitic medicine because they were anxious that a dead worm might remain in her eye.

TrendForce: Global smartphone sales growth will slow down in 2018 TrendForce: Global smartphone sales growth will slow down in 2018 The Nokia 8 Android 8.1 Oreo update is over 1.5GB in size, and its package is downloadable only via an active Wi-Fi connection. As per the latest Android distribution chart , only 0.3 per cent of all active Android smartphones have received the update.

Facebook to post first-ever decline among young users in the US Facebook to post first-ever decline among young users in the US It reigns supreme among social networks in the United States and is expected to reach 169.5 million users this year. This is also the first time eMarketer predicted a decline in the number of US Facebook users in those age groups.

Airbus Halts Pratt A320Neo Shipments On Engine Issues Airbus Halts Pratt A320Neo Shipments On Engine Issues Fourteen jets operated by Indigo and rival Go Airlines India Ltd. are impacted by the issue, Airbus said in the statement. Airbus has traditionally offered two engine options on the A320, and the company maintained that approach on the neo.

Shaun White finds (and eats) "Flying Tomato" burger in Korea Shaun White finds (and eats) The final will also include Americans Ben Ferguson, Chase Josey, and Jake Pates. Too late, folks, he has already been to the restaurant and had one for himself.

WWE Raw: Rollins and Balor qualify for Chamber WWE Raw: Rollins and Balor qualify for Chamber Once again , Elias works the crowd like a pro here and he is quickly becoming one of the most over superstars in the WWE . Sasha Banks via pinfall: Bayley sold a right shoulder injury for the majority of this long, PPV-quality match.

Google wants to modernise email with AMP for Email Google wants to modernise email with AMP for Email Snapchat, Instagram and particularly Facebook have all heavily used their own stories formats for full-screen displays of content. The AMP Project Website claims that the project would be immersive, fast and open.

2nd Judge Issues Ruling Blocking End of DACA Program, Immigration Debate Continues 2nd Judge Issues Ruling Blocking End of DACA Program, Immigration Debate Continues The Department of Homeland Security has been accepting renewal applications since Alsup's order came down. Tuesday's ruling follows a similar decision last month by a San Francisco-based district judge.

THQ Nordic buys Metro, Saints Row, & Dead Island publisher THQ Nordic buys Metro, Saints Row, & Dead Island publisher In May 2017, Deep Silver told Eurogamer Dead Island 2 was still alive , despite no news emerging on the game in over a year. Koch Media's business also includes films, which are created "primarily for German and Italian speaking territories".

Issok: PSG ready for Real Madrid - Emery Issok: PSG ready for Real Madrid - Emery The former United man was part of the PSG squad that blew away a 4-0 lead in the first leg to suffer a 6-1 defeat in the second leg of the Champions League round of 16 last season.

New Horizons probe captures images at record distance from Earth New Horizons probe captures images at record distance from Earth This historic picture was taken on February 14th, 1990 (Valentine's Day) at the behest of famed astronomer Carl Sagan. As part of the probes mission to rendezvous with a KBO, the team was searching for forward-scattering rings or dust.

India wicketkeeper MS Dhoni 46 runs away from ODI history India wicketkeeper MS Dhoni 46 runs away from ODI history The Indian team won ruthlessly in the first three ODIs as they won them by 6 wickets , 9 wickets , and 124 runs respectively. Hashim Amla played a measured innings of 71 and shared partnerships of 62 with David Miller and 39 with Heinrich Klaasen.

Google manages to double its Pixel sales in 2017 Google manages to double its Pixel sales in 2017 Lastly, Google Pixel smartphones are only available through Verizon, while the iPhone models are available in all carriers. As hinted above, Google could have more success in attracting consumers by expanding the availability of the Pixel line.