C Suisse Q4 losses larger than initially thought

Credit Suisse Canary Wharf

Credit Suisse said losses in the fourth quarter were larger than previously reported after it booked more charges for a probe into tax evasion by U.S. clients.

Bloomberg reports that the net loss amounted to $534m, the bank said Thursday, as it set aside an extra $527.5m, primarily related to the U.S. investigation.

Credit Suisse had restated results for the quarter last month, reporting a loss of $9.02m after a $310m 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. The additional reserves put the estimated cost of a settlement at more than the $780m that UBS paid in 2009 to avoid criminal prosecution.

To access the complete Bloomberg article hit the link below:

Credit Suisse Restates Fourth-Quarter Loss on U.S. Provision

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