Credit Suisse Holdings (USA), Inc. Announces 2018 CCAR Results
New York, June 28, 2018 – Credit Suisse Holdings (USA), Inc. (CSH USA), the US Intermediate Holding Company of Credit Suisse AG, announced today that the Board of Governors of the Federal Reserve System did not object to the 2018 Capital Plan of CSH USA. The Capital Plan includes capital distributions by CSH USA to its parent, Credit Suisse AG, during the four quarters beginning in the third quarter of 2018 through the end of the second quarter of 2019, subject to approval by CSH USA’s Board of Directors.
“Today’s news is tangible evidence that we have made significant progress towards our goal of having a robust, resilient, well-capitalized US business that makes consistent and significant contributions to our profitability,” said Tidjane Thiam, Chief Executive Officer of Credit Suisse AG. “We are now in an excellent position to continue to serve our clients and strengthen our US franchise, thanks to the intense efforts by our teams in the US and around the globe.”
“The 2018 CCAR results mark a significant milestone in the bank’s multi-year effort to implement an end-to-end capital management and stress testing framework, which is integrated in business as usual management,” said Eric Varvel, President and Chief Executive Officer of CSH USA. “The results of the stress tests recognize the overall financial condition, risk profile and capital adequacy of CSH USA and credit the qualitative changes we have made to our business model in the US.”
CSH USA is the top-tier entity for Credit Suisse Group’s US-domiciled subsidiaries and is subject to consolidated regulatory capital requirements.