Credit Suisse posts US$778 mil. loss after US fine for tax evasion
July 23, 2014, 12:15 am TWN
ZURICH--Credit Suisse Tuesday posted a net second-quarter loss of 700 million Swiss francs (US$778 million) as a multibillion-euro U.S. tax evasion fine sent it deep into the red.
The Swiss banking giant paid a US$2.6 billion settlement to U.S. authorities in May over tax evasion charges — helping thousands of wealthy Americans hide money in offshore accounts to avoid taxes.
Its quarterly losses exceeded the forecasts of analysts who had expected them to reach 600 million Swiss francs. Last year Credit Suisse posted a 1.04-billion-franc profit over the same period.