Credit Suisse risks 3rd straight loss on Trump tax overhaul
Credit Suisse is at risk of posting a third consecutive annual loss after predicting it will take a €1.97 billion 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 final quarter of this year, the writedown could trigger yet another yearly deficit for the lender, which had a net income position of 1.14 billion francs (€0.85 billion) after nine months.
The new tax bill means both "Credit Suisse and UBS will have to book a loss," Andreas Brun, an analyst at Mirabaud, said by phone. Credit Suisse spokeswomen Amy Rajendran declined to comment on whether the charge would result in a fourth-quarter loss. She said the bank will report results in February.
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