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 [...]
Ex-Credit Suisse banker Kilsby named as new Shire chairman January 23, 2014 FORMER Credit Suisse banker Susan Kilsby will become the second female chairman of a FTSE 100 company, after drug manufacturer Shire unveiled her appointment yesterday. Kilsby, who is currently chairman of Shire’s audit, compliance and risk committee, will take over from Matthew Emmens, effective from 29 April. She worked at the Swiss investment bank for [...]
Credit Suisse slashes costs to boost earnings October 24, 2013 CREDIT Suisse will slash spending on its interest trading arm, the investment bank said yesterday, as revenues at the unit fell in the third quarter. The Swiss bank saw profits jump sharply in the quarter, but the gains came from cost cutting rather than improved revenues. Net income rose to SFr454m (£314.5m), up 79 per [...]
Investment arm leads profits up at Credit Suisse July 25, 2013 WEALTH management profits have slipped at Credit Suisse, but a revival in investment banking revenues saw group profits jump in the second quarter, the bank said yesterday. Group profits rose 33 per cent on the year to SFr1.05bn (£734m), lifting return on equity from 9.2 per cent to 10.1 per cent. Switzerland’s famed financial privacy [...]
Suisse is on a roll November 3, 2005 After suffering more than most when the dotcom bubble burst in 2000, Credit Suisse has pulled itself back into profitability, says Laurie Laird Just five years after the financial world was shaken by the collapse of the dotcom bubble, Credit Suisse First Boston (CSFB) has hauled itself back to profitability and respectability. Net income jumped [...]