Shares of Credit Suisse rose 2.3 percent on Tuesday as it struck an optimistic tone for the year ahead despite a loss for last year of 2.44 billion Swiss francs (2.3 billion euros). Tuesday's result marks the second consecutive loss for the Swiss lender, after it fell into the red by Sfr2.9 billion for the year ending December 31 2015.
The bank said it had set aside about $2 billion in the fourth quarter 2016 to help pay for what became a $5.3 billion settlement with the U.S. Justice Department, finalized last month, over claims that the bank misled investors about the quality of mortgage-backed securities that it sold before the 2008 financial crisis.
Zurich-based Credit Suisse also said it will cut its headcount by a net 5,500 jobs in 2017 after 7,250 layoffs in 2016, as it works toward its 2018 cost-cutting target.
The settlement was a "game-changer for us", chief executive Tidjane Thiam said in an interview with Bloomberg Television.
Flowers keep American Airlines Cargo busy this Valentine's Day season
The National Retail Federation predicts buyers will spend $2 billion on flowers this Valentine's Day . If you would like to order something for your valentine, let me give you a little advice.
The company did not specify the types of positions or regions that would be most affected.
Overall, depending on market fluctuations, 2017 looks "positive", he told a conference.
Despite Credit Suisse's attempts to decrease overhead, the bank reported disappointing earnings results.
Credit Suisse is proposing an unchanged dividend of 70 centimes a share, with an option to receive stock instead.
Yellen warns Congress against overheating USA economy
That's about double the average growth rate of C&I loans since the FDIC first began collecting the data back in the mid-1980s. Now if Yellen had been trying to prepare investors for a possible March rate hike by the Fed, her message backfired badly.
Credit Suisse says that about 3500MW to 4000MW would be added to national grid before 2018 polls.
Like other big European lenders, Credit Suisse is reining in spending under pressure from low interest rates and rules requiring banks to hold more reserves.
Thiam was hired in 2015 and announced a major overhaul and cost cutting program just a few months into his tenure. Investment bankers in NY and London bore the brunt of some 7,250 jobs eliminated a year ago.
Silver, Jordan help cool down Oakley-Dolan feud
One of the things I told the commissioner, I want to have a press conference and I want him to apologize to me and the fans. Oakley told ESPN on Tuesday he was "in pain now" and he wants the team to apologize to the fans. "I love the fans in NY ".