Credit Suisse swings to loss over litigation costs

Posted February 15, 2017

Credit Suisse today reported a net loss of 2.4 billion Swiss francs in 2016, after agreeing to a massive settlement with U.S. authorities over its role in the sub-prime crisis. He wants the bank to focus on wealth management and emerging markets.

Credit Suisse said the benefits of restructuring its sales and trading business are beginning to emerge as it posted soaring revenues from credit during the final months of 2016.

Regarding its dividend, the bank remained tired of a fourth quarter net loss of 2.35 billion francs, attributed in majority to the $2 billion settlement charge US relating to allegations over mortgage-backed securities.

The bank said it had set aside about $2 billion in the fourth quarter 2016 to help pay for what became a $5.3 billion settlement with the U.S. Justice Department, finalized last month, over claims that the bank misled investors about the quality of mortgage-backed securities that it sold before the 2008 financial crisis.

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She then drove her podium into the press pool. "I can't believe that's you , I mean you were so handsome", Davidson says. Joe dolls to explain what " extreme vetting ". "I'm right, they're wrong", Baldwin as Trump erupted.

Mr Thiam joined Credit Suisse in 2015 after serving as the chief executive of insurer Prudential.

While the settlement resolved a major source of legal uncertainty for the bank, it put a dent in its capital buffers. But it slashed overall headcount - including "contingent workers" like information technology specialists - by 7,200 a year ago. For the full year, the net loss dropped to 2.44 billion, from 2.94 billion in 2015. "Our teams have worked hard and made good progress during a challenging year: They achieved a positive finish to the year". Revenue was reported as $20.64 billion.

At the end of the fourth quarter, Credit Suisse's common equity Tier 1 capital ratio, an important measure of balance sheet strength, was 11.6 percent, down from 12 percent in the third quarter. It said a flotation depended on market conditions and board approval.