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Losses at Credit Suisse after US tax settlement


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Losses at Credit Suisse after US tax settlement

Credit Suisse Group has recorded its biggest quarterly loss since the peak of the financial crisis in 2008 because of a 1.3 billion euro fine it paid to settle a US tax investigation.

The Zurich-based bank recorded losses in the second quarter of over 575 million euros compared with a profit of over 860 million euros last year.

Credit Suisse has also announced that it would quit commodities trading as part of an attempt to overhaul its investment bank to get back to double-digit capital returns from its other activities.