"Credit Suisse has been responding to requests from certain governmental and regulatory authorities ... regarding Credit Suisse's hiring practices in the Asia-Pacific region and, in particular, whether Credit Suisse hired referrals from government agencies and other state-owned entities in exchange for investment banking business and/or regulatory approvals, in potential violation of the US Foreign Corrupt Practices Act and related civil statutes", the bank said when reporting its full-year results for 2017. The Swiss bank flagged a sharp pickup of trading income this year, especially in Asia.
Credit Suisse on February 14 reported a 1.7 billion Swiss franc annual pre-tax profit from continuing operations compared to a 2.2 billion Swiss franc loss in 2016, on revenue which rose by 3 percent year-on-year to 20.9 billion Swiss francs.
The loss was lower than analysts expected and an improvement on the bank's losses of 2.7bn francs in 2016 and 2.9bn francs in 2015. The bank posted a loss of 2.1 billion Swiss francs in its fourth quarter due to the writedown, better than the 2.6 billion franc loss reported this time a year ago.
The Board of Directors will propose to shareholders at the Annual General Meeting on April 27, 2018, that a distribution of CHF 0.25 per share be paid out of capital contribution reserves for the financial year 2017. In recent years, the bank has heavily incentivized investors to take more shares, not cash.
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He said he's proud of how his members came together and that their collaboration speaks to the closeness of the service. Filippidis stayed out on the hill for one more run. "They'll do a comprehensive investigation".
The bank said it faced no material impact from the fall in the exchange-traded note (ETN).
Credit Suisse ascribed the rise to CEO Tidjane Thiam's three-year deep restructure of the bank. A previously flagged 2.3bn franc hit from U.S. tax reforms prevented a return to profit after three years of cost-cutting. "In the first six weeks of this year, we have seen evidence that this approach is paying off". In the fourth quarter, the bank took in 4 billion francs, a reversal of outflows it had suffered in the year-ago period.
Net revenues in the region declined 3 percent to 3.5 billion Swiss francs.