Credit Suisse rejects FX claims after internal investigation
Wednesday 16 April 2014
Credit Suisse has found nothing “materially untoward” in its internal investigation into foreign-exchange trading, its finance director David Mather has said.
He also repeated that the bank was “surprised” when it was recently pulled into the investigation of foreign-exchange market rigging by Swiss regulators.
His comments came as the bank reported a 34% fall in after-tax profits because of lower revenues from investment-banking activities, mainly based in Canary Wharf.
Profits fell to Swfr859 million (£581.5 million) in the first quarter on revenues down 8% at Swfr6.5 billion.
In what chief executive Brady Dougan called “ challenging conditions”, the bank also revealed it had cut 400 jobs taking its total down to 45,600 in the last three months.
Dougan said good growth in private banking and wealth management, coupled with the winding down of non-core activities, made the bank confident it would deliver returns above 2013 levels.
In a separate investigation into alleged tax evasion by US customers, the New York Department of Financial Services has subpoenaed computer hard disks and documents from the bank
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