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April 3, 2014

Credit Suisse Takes New Charge Related to U.S. Tax Inquiry

LONDON – “The legal costs keep piling up for Credit Suisse.”

“On Thursday, the Swiss bank revised its results again to reflect an additional charge of 468 million Swiss francs, or about $528 million, in increased legal provisions primarily related to a continuing investigation into Americans who secretly held assets in Swiss accounts.”

“As a result, Credit Suisse reported a fourth-quarter loss of 476 million francs.”

“In February, the bank initially reported a profit of 267 million francs for the last three months of 2013. Its quarterly results initially reflected 514 million francs in legal provisions related to mortgage litigation and the tax inquiry.”

“In recent weeks, however, the bank has revised its results downward to reflect an $885 million settlement to resolve claims that it had sold questionable loans to the mortgage finance giantsFannie Mae and Freddie Mac in the run-up to the financial crisis, and has now made additional provisions related to the tax investigation.”

“The latest provision comes on the heels of a two-year investigationby the United States, which found that Credit Suisse had actively helped American citizens hide billions of dollars from the tax authorities.”

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Read full New York Times DealBook article here.

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