The Trader 

Market Outlook: US tax write-downs cost Credit Suisse

The Trader

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."

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