Credit Suisse reports third annual loss, but says restructuring working

Credit Suisse boss defends bank's role in collapsed trading product

Credit Suisse trims 4Q loss, cites upside of US tax reform

Credit Suisse has come under pressure from an activist investor, Swiss hedge fund RBR, which took a stake in the bank previous year and is pressing for the firm to hive off its investment bank and move it to NY from Zurich.

To be sure, this isn't the first time that Thiam has been optimistic about the prospects of Credit Suisse's trading units.

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

The authorities in question included the Department of Justice and the US Securities and Exchange Commission, the Swiss bank said, adding that it was "cooperating with the authorities".

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The bank said it will pay shareholders 0.25 francs per share for past year despite the loss.

In the first six weeks of 2018, the bank had a 10 percent pickup in revenues in its Global Markets trading division and a 15 percent pickup in its Asia-Pacific trading business, as a surge in market turbulence saw activity levels rise.

The CEO said that 2017 was a crucial year of delivery in the bank's three-year restructuring plan after 2016, which was a year of deep and radical reorganization and restructuring.

The bank's shares rose more than 3 percent.

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Speaking to the media on Wednesday, Helman Sitohang, Credit Suisse's chief executive officer for Asia-Pacific, said that he could not give any further details.

The bank said it is adopting "a cautious short-term outlook in this period of heightened volatility".

"We've been through a lot with this thing". "This year should be the first year where that (surplus) number is actually meaningful", Thiam said.

Activist investor RBR Capital Advisors renewed pressure on Credit Suisse for a strategic shakeup after Switzerland's second-biggest bank reported its third consecutive annual loss on Wednesday, hit by writedowns on US deferred tax assets.

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The group proposed a reduced dividend of 0.25 francs per share.

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