C Suisse expects $2.3bn writedown

Credit Suisse expects to take a write-down of $2.3bn during its 2017 fourth quarter following changes to the U.S. tax system, the Swiss bank said on Friday. RBS to pay £94 million to settle California mortgage bond claims

Reuters reports that a tax overhaul, signed into law by President Donald Trump on Friday, means the bank will have to reduce the value of its deferred tax assets.

The figure suggests Credit Suisse would make a net loss for the full year, which would be its third straight annual loss. It reported $1.1bn in net income in the first nine months of 2017.

The U.S. tax package, the largest such overhaul since the 1980s, slashes the corporate rate from 35 percent to 21 percent and temporarily reduces the tax burden for most individuals.

Hit the link below to access the complete Reuters article:

Credit Suisse expects $2.3 billion write-down from U.S. tax changes‍​

RBS to pay £94 million to settle California mortgage bond claims

 

 

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