Credit Suisse Rallies as Thiam Rides Return of Volatility

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

Analysts and investors will look for evidence in the financial report of Credit Suisse that the restructuring plan continues to drive revenue growth, lower costs and improved risk management in the commercial departments.

The bank on Wednesday also disclosed an inquiry into its hiring practices in the Asia-Pacific region. "We're being quite prudent in the numbers we've disclosed here, because markets can change, but the performance so far has been very strong".

RBR, which a year ago 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.

Sitohang said, however, that in the first six weeks of 2018, Credit Suisse's Asia-Pacific markets business saw revenues rise by over 15 per cent compared to the same period in 2017, thanks to increased market volatility.

It was the second year of a three-year reorganisation of the bank's activities to focus on wealth management over merchant banking.

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The expectations are that Credit Suisse will mark a new increase in cash, both in Q4 2017 and in the whole year.

The stock was up by 2.5 percent in early European trading on Wednesday. "Now it is up to Credit Suisse to show alternatives", RBR said in a statement.

Marc Halperin, a fund manager at top-30 Credit Suisse shareholder Federated Investors, said investors had weathered enough not to be put off by last week's derivatives shakeup.

Credit Suisse group as a whole reported a net loss of 983 million Swiss francs, its third straight year of losses after facing 2.7 billion francs of income tax expenses mostly because of U.S. tax reform. "This year should be the first year where that (surplus) number is actually meaningful", Thiam said.

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

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