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.
- 1 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 2 HeForShe campaign: Iceland to follow up Emma Watson speech with UN women's rights conference – for men only
- 3 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 4 Teenagers irritable because early school hours mess with their biological clocks
- 5 Now we know whose fault it is if you end up being murdered in Thailand
Isis could become 'world’s first truly terrorist state' and bomb UK with nuclear and chemical weapons, Theresa May warns
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Five facts you never knew about your (almost obsolete) tax disc
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...