Credit Suisse suffers $1 billion loss in 2017

Credit Suisse suffers $1 billion loss in 2017

Swiss investment banking and lending giant, Credit Suisse said it made a net loss of CHF983 million for the full year 2017.

This is approximately $1 billion on a real-time exchange rate basis.

While the bottom line was negative, Credit Suisse said its pre-tax income was up by CHF 4 billion on a year on year basis.

Regarding the nominations of Michael Klein and All Paola Pesos, Um Rohner, Chairman of the Board of Directors of Credit Suisse Group, gated Chairman and Co-CEO Markets S. Banking at Citigroup, is a recognized international banking professional and an expert with over thirty years of experience in banking and financial services. Ana Paula Pessoa has wide-ranging experience in finance and strategy spanning more than two decades.

She currently serves as an independent Board member of News Corporation, New York, and Vinci Group, Paris. Michael Klein and Ana Paula Pessoa both brig enormous expertise and long experience in their respective areas , complement the strengths of the Board of Directors.

Regarding the end of Richard Thomburgh’s tenure as a member of the Board of Directors, Urs Rohner commented, ‘Richard E. Thornburgh will not stand, re-election to the Board of Directors upon reaching the relevant tenure limit Credit Suisse is very grateful for his exceptional leadership and longstanding contribution to the bank over four decades, This includes his time as a Credit Suisse executive and as a Board of Directors member for the last 12 years, serving as Chairman of the Risk Committee since 2009 and as Vice-Chair of The Board of Directors since 2010.

He currently also holds the position of non-executive Chairman of ar major US subsidiaries, It has been a privilege to work wilt him on the Board of Directors diming a crucial period for Credit Suisse. I wish him the very (rests his future endeavours”