Plans to reform the U.S. tax system are positive not only for the U.S. economy but also for banks, the chief executive of Credit Suisse told CNBC Thursday.

“If it goes through it will be a positive for the U.S. economy, for earnings and therefore positive for banks,” Tidjane Thiam told CNBC.

“So I think the market is being rational in reacting like this to a potential tax reform,” he added.

This story is developing. Please check back for further details.