Saturday, November 29, 2014   

Credit Suisse posts heavy loss after fine
(07-22 15:07)

Credit Suisse Tuesday posted a net second-quarter loss of 700 million Swiss francs as a multi-billion-euro US tax evasion fine sent it deep into the red.
The Swiss banking giant paid a $2.6 billion settlement to US 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.
The US fine heavily impacted the giant's private banking and wealth management divisions, which racked up pre-tax losses of 749 million Swiss francs, the bank said in a statement.
This was offset by corporate banking activities which generated a pre-tax profit of 752 million Swiss francs, on a par with the same period last year but down nine percent since the first quarter. --AFP   
Other Business breaking news:
US shoppers go in for the kill on 'Black Friday' (11-28 17:07)
European stocks open mixed (11-28 16:46)
EU gives time to rule-breaking France, Italy on budget (11-28 16:44)
Hang Seng ends flat (11-28 16:42)
Hang Seng dips in morning session (11-28 12:10)
Nikkei up by break (11-28 12:09)
Lackluster Japan data paints gloomy picture for Abenomics (11-28 11:40)
OPEC move to keep oil output target sparks price slump (11-28 11:33)
German labor market unfazed by economic weakness (11-27 18:52)
China Internet giants in tit-for-tat battle for users (11-27 18:28)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.