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Credit Suisse Expects Write-down Of Approx. CHF 2.3 Bln On US Tax Reforms

Credit Suisse AG (CS) announced the company expects to write down the value of its deferred tax assets in the US by approximately 2.3 billion Swiss francs in the fourth-quarter of 2017, following the enactment of the US Tax Cuts and Jobs Act on Dec. 22.

Credit Suisse said the write-down is a one-time accounting adjustment and has a minimal impact on the Group's strong regulatory capital position. The policy for returning capital to shareholders announced at the Investor Day is unchanged.

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