This morning Credit Suisse CEO Tidjane Thiam announced a third consecutive annual loss while saying "[the bank] is in a better place" than it was this time last year. The bulk of the loss can be put down to the CHF 2.74bn (£2.11bn) paid in income tax, where the re-assessment of US deferred taxes took pole position. Commenting on market problems it has had, he said: "We have seen a significant pick-up in market volatility, which on the one hand had a positive impact on our secondary activities, and on the other hand, negatively impacted our primary calendar as clients wait for calmer markets."
To continue reading, register today
to enjoy limited access to the following:
- Daily trading news
- Funds coverage
- Features on big investment themes
- Comprehensive companies coverage
- Economic analysis