European Commission slaps JP Morgan, UBS and Credit Suisse with combined €93.9m fine for Libor rigging and interest rate derivative collusion October 21, 2014 The European Commission has come down hard on banks again, fining JP Morgan, UBS and Credit Suisse a combined €93.9m (£74m) for colluding on benchmarks and prices, including libor rates and interest rate derivatives. JP Morgan will pay a settlement of €61.6m over the manipulation of the Swiss franc libor rate between March 2008 and [...]
Loss-making Credit Suisse quits commodities in efficiency drive July 22, 2014 Credit Suisse plunged to a loss in the second quarter after a SFr1.6bn (£1bn) fine for helping US clients evade taxes wiped out its profits, the Swiss bank said yesterday. It launched a new efficiency drive to help cut costs, beginning by closing its commodities trading business. The unit accounted for $2bn (£1.2bn) of risk-weighted assets [...]
Credit Suisse hit with £2.4m fine by FCA over misleading promotions June 16, 2014 Credit Suisse International (CSI) has been struck with a £2,398,100 fine by the Financial Conduct Authority (FCA) for failing to ensure that financial promotions for CSI's Cliquet product were "clear, fair and not misleading". Yorkshire Building Society (YBS) has also been fined £1,429,000 over the same matter. The Cliquet product was described as a capital [...]
Credit Suisse sees little business impact from US penalties May 20, 2014 CREDIT Suisse shrugged off Monday’s massive fine from US authorities yesterday, saying that charges of tax evasion had not affected the bank’s relationship with clients. “We’ve had a lot of consultations with clients in terms of different potential outcomes here, and I have to say all of the discussions with clients have actually been very [...]
Credit Suisse shares are gaining, despite guilty plea May 20, 2014 Shares in Credit Suisse are up 2.4 per cent this morning. That’s after it became the first global lender to plead guilty to a criminal charge in two decades, agreeing to pay a $2.6bn (£1.55bn) fine. The Swiss bank pleaded guilty in the US for helping its American clients to evade taxes, in an “extensive [...]
Guilty plea from Credit Suisse in $2.6bn tax case May 19, 2014 SWISS bank Credit Suisse pleaded guilty to charges of assisting tax evasion yesterday, when US authorities brought the lender to court over the allegations. The bank will pay $2.6bn (£1.55bn) in varied penalties – the largest monetary charge in any tax case ever, according to the US Department of Justice. In court documents, the US [...]
Credit Suisse joins banks hit by slump in fixed income revenues April 16, 2014 PROFITS slumped at Credit Suisse in the first quarter as the bank revealed weak investment banking results yesterday. It follows the industry trend of falling bond trading revenues – a sector hit by falling prices and tougher regulations. Credit Suisse’s pre-tax income fell 34 per cent on the year to SFr859m (£580m). Net revenues fell [...]
Credit Suisse hit by tougher tax evasion probe April 15, 2014 NEW YORK regulators have stepped up their investigation into claims Credit Suisse helped clients evade taxes, it emerged yesterday. The New York Department of Financial Services (DFS) last week subpoenaed the Swiss bank, requesting documents which may give evidence for the probe. It is looking for emails, travel records, expenses, calendar entries and other records relating to [...]
Pay hike for Credit Suisse’s boss April 3, 2014 EMBATTLED Credit Suisse boss Brady Dougan received a 26 per cent pay hike this year, the bank’s annual report revealed yesterday, despite ongoing legal woes in the US. The Swiss bank is facing claims in the US that it helped clients avoid taxes. As a result Credit Suisse has set aside SFr895m (£605m) to cover [...]
Credit Suisse’s recovery hurt by legal costs February 6, 2014 MORTGAGE and tax litigation costs knocked Credit Suisse’s fourth quarter results, published yesterday, reversing some of its recovery over 2013. Profits came in at SFr267m (£182m) in the three-month period, up two per cent on the same period of 2012. But for the year as a whole profits came in at SFr3.1bn, more than double [...]