Credit Suisse posts big loss after US tax settlement

Credit Suisse Group AG, which paid a 1.6 billion Swiss franc (US$1.78bil) settlement with US authorities for helping clients evade taxes, reported its biggest quarterly loss since the peak of the financial crisis in 2008 - AFP Photo.

ZURICH: Credit Suisse Group AG reported its biggest quarterly loss since the peak of the financial crisis in 2008, the result of a 1.6 billion Swiss franc (US$1.78bil) settlement with US authorities over helping its clients evade taxes.

The Swiss bank also said it would quit commodities trading, reversing a statement of just two months ago, as it continues to overhaul its investment bank to get back to double-digit capital returns from its remaining activities.