Credit Suisse Restates Fourth-Quarter Loss on U.S. Tax Provision
Credit Suisse Group (CSGN) AG, the second-biggest Swiss bank, restated its fourth-quarter loss after taking additional provisions related to the U.S. probe into whether the bank helped Americans evade taxes.
The net loss amounted to 476 million Swiss francs ($534 million) in the fourth quarter, the Zurich-based bank said today, after setting aside an extra 468 million francs, primarily related to the U.S. investigation.
Credit Suisse last month restated the results for the quarter to include a charge to settle lawsuits over mortgages sold to Fannie Mae and Freddie Mac.
Credit Suisse has been a target of a criminal investigation by the Department of Justice over former cross-border private-banking services to American customers since at least July 2011. The bank today set aside 425 million francs in provisions for the DoJ probe, in addition to 295 million francs for U.S. tax matters in 2011. Credit Suisse agreed to pay $196.5 million in February to settle a related investigation by the Securities and Exchange Commission.
(By Elena Logutenkova)
Source: bloomberg
