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Credit Suisse One Tax-Evasion Conviction Away From A $1 Billion Quarterly Profit

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When Brady Dougan & co. pleaded guilty to being a Swiss bank earlier this year, it doomed the firm to its worst quarter since the financial crisis. On the other hand, if it weren’t for helping non-Swiss people avoid taxes, there probably wouldn’t even be a Credit Suisse in the first place. So, you know, totally worth it.

The loss of 700 million Swiss francs for the quarter largely reflected a charge of 1.6 billion francs related to the settlement with federal and state authorities in the United States….

The effect of the settlement could also be seen in the bank’s capital ratio, a measure of its financial strength, which fell to 9.5 percent in the second quarter from 10 percent in the first quarter.

Credit Suisse Posts Largest Loss Since 2008 After U.S. Settlement [DealBook]
Credit Suisse Posts Loss After U.S. Settlement [WSJ]


Photo: Getty Images.

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