C Suisse to rewrite financial statements

Pen And Book

Credit Suisse gave investors a preview of how it plans to report earnings next month, rewriting five years of financial statements to bring them in line with its new structure.

Bloomberg News reports that under an overhaul announced in October, the bank was reorganized along geographical lines. Whereas it previously had two divisions, it now has five, including separate units for its Swiss operations and for clients in the Asia-Pacific region.

Credit Suisse reported a pre-tax income of $1.3bn for its Swiss business for the first nine months of last year. Pre-tax income for the Asia-Pacific division was $992.7m for the same period.

Restating financial reports since 2011 to mirror the new strategy will improve understanding of the company, said Amy Rajendran, a spokeswoman for the bank. For analysts, it provides a basis for determining if the bank is advancing toward its goals, which include selling part of its Swiss bank on public markets and more than doubling pretax profit from APAC.

To access the complete Bloomberg News article hit the link below:

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