March 18, 2018

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Credit Suisse cushions image blows with hard cash

15 February 2018

RBR, which previous year reported a Credit Suisse stake worth around 100 million Swiss francs ($107 million), has been pushing for a breakup of the bank and said last month the group could create "enormous" value by replacing its IT platform and cutting jobs.

The Board of Directors of Credit Suisse Group AG is proposing Michael Klein and Ana Paula Pessoa for election as new non-executive members of the Board of Directors at the Annual General Meeting on April 27, 2018.

"We've had half a quarter now, and indications are very positive", Thiam said.

The bank said it will pay its first all-cash dividend in four years, a move it adopted last year following a pay snafu which saw Credit Suisse (CS) back down amid massive pressure from large institutional investors.

But even without the changes in U.S. law since the end of previous year, the bank is unlikely to show signs of improvement.

Credit Suisse ascribed the rise to CEO Tidjane Thiam's three-year deep restructure of the bank.

While the Swiss bank delivered a better-than-expected 2017 performance, Credit Suisse remains cautious over the year ahead. "Now it is up to Credit Suisse to show alternatives", RBR said in a statement.

Revenue is Asia's markets unit - trading - surged 15 percent in the first six weeks of this year, while income in its overall markets arm climbed by 10 percent, the bank said.

"We've been through a lot with this thing". "They've made great strides in reducing their cost base and in a supportive environment should profit more than others when returns start shooting up". On a pre-tax basis, it was the bank's first year in the black since Thiam launched the turnaround plan in 2015.

While the tax reform in the USA and a lack of volatility in the fourth quarter hurt results in the final months of previous year, and caused the bank to post its third consecutive annual loss, the CEO said the fact that the trading business is picking up now that volatility is back shows his surgery was successful.

Credit Suisse cushions image blows with hard cash