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

Tidjane Thiam, CEO of Swiss bank Credit Suisse, smiles prior to the press conference of the full-year results of 2017 in Zurich, Switzerland, Wednesda

People walk in the front of the Credit Suisse bank at the tram stop Paradeplatz in the square's centre in Zurich, Switzerland, Wednesday, Feb. 14, 201

Tidjane Thiam, CEO of Swiss bank Credit Suisse, left, talks to Adam Gishen, Head of Investor Relations, right, prior to the press conference of the fu

GENEVA (AP) — Credit Suisse says it narrowed its fourth-quarter loss as pre-tax income swung into the black, while the Swiss bank predicted a positive impact from the U.S. tax reform in the future.

The Zurich-based financial institution, which has been undergoing a three-year restructuring under CEO Tidjane Thiam, says its net loss during the quarter shrank to 2.13 billion Swiss francs ($2.28 billion) from 2.62 billion francs a year earlier.

For the year, the bank tallied an income tax expenses of 2.74 billion francs, mostly linked to a "re-assessment of deferred taxes resulting from the U.S. tax reform."