(Bloomberg) -- Credit Suisse Group, Switzerland's second-biggest bank, 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.
The net loss amounted to 476 million Swiss francs ($534 million), the Zurich-based bank said today, as it set aside an extra 468 million francs, primarily related to the U.S. investigation. Credit Suisse had restated results for the quarter last month, reporting a loss of 8 million francs after a 275 million-franc charge to settle lawsuits over mortgages sold to Fannie Mae and Freddie Mac.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access