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Tue July 22, 2014
Credit Suisse Reports $770 Million Loss
Originally published on Tue July 22, 2014 11:13 am
STEVE INSKEEP, HOST:
NPR's Business News starts with big losses at Credit Suisse - really big. The Swiss bank is reporting a net loss of more than $770 million for the second quarter. That's the biggest loss for the bank since the 2008 financial crisis. Much of the loss is due to a legal settlement with U.S. tax authorities. In May, the bank pleaded guilty to helping Americans evade U.S. taxes by hiding the money in Swiss accounts. Credit Suisse paid a fine of $2.6 billion. Transcript provided by NPR, Copyright NPR.