Legal provisions hit Credit Suisse profits

February, 06 2014

Credit Suisse has made £348m of legal provisions in the expectation of having to deal with the costs of allegations of tax evasion and securities mis-selling.

Credit Suisse under investigation for tax evasion gary718

The provision, which amounts to SwF514m, means that the bank significantly undershoots profit expectations in the market. Swiss rival UBS has already been fined SwF780m in the US over tax issues and the US authorities are investigating 14 other Swiss banks, including Credit Suisse. Source: Financial Times