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U.S. tax cut plan could push Credit Suisse to third annual loss

Reuters  |  ZURICH 

By Brenna Hughes Neghaiwi and Angelika GruberZURICH (Reuters) - Switzerland's biggest banks expect a planned U.S. corporate tax cut will cost them billions of dollars due to writedowns on deferred tax assets (DTA), setting up Credit Suisse for its third straight annual loss.Credit Suisse estimates that the proposed sharp reduction in the U.S. corporate tax rate, now moving through Congress, will cost it 2.1 billion Swiss francs ($2.1 bln), while rival UBS expects 3 billion francs in DTA writedowns due to the tax cut, according to the banks' own estimates.U.S. lawmakers are discussing reducing ...

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First Published: Wed, December 06 2017. 17:24 IST