Credit Suisse posts record loss after US fine
Wednesday 23 July 2014
Credit Suisse reported its biggest-ever quarterly loss yesterday after it pleaded guilty and paid $2.6bn (£1.5bn) to the US Department of Justice over aiding tax evasion in May.
“I want to reiterate that we deeply regret the past misconduct that led to this settlement and that we take full responsibility for it,” its chief executive Brady Dougan said. He went on to say the deal had not destroyed customer loyalty.
“The continued trust and support of our clients helped us mitigate the impact of the settlement on our business.”
The bank, Switzerland’s second biggest, which employs 7,500 people in London, made a loss of Sfr749m (£487m) in the three months to June. Even without the DoJ deal, profits were down 13 per cent at Sfr882m.
Mr Dougan said: “During the quarter, we continued to see good momentum with clients, while at the same time making further progress in winding-down our non-strategic units.”
But he admitted that both wealth management and investment banking had suffered from subdued trading by clients in some financial markets.
- 3 The enemy within: People who hear voices in their heads are being encouraged to talk back
- 4 Phil Neville backtracks on Tomas Rosicky 'I'd smash him' comments from Match of the Day 2
- 5 British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Paris attacks: Do not call Charlie Hebdo killers 'terrorists', BBC says
UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
Asteroid narrowly scrapes past Earth: how to watch the closest space rock for decades as it flies by
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
iJobs Money & Business
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...