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Credit Suisse posts big loss after US tax settlement
Credit Suisse Group AG will quit commodities trading after chalking up its biggest loss since the financial crisis in 2008, the result of a 1.6 billion Swiss franc (US$1.78 billion) fine from US authorities for helping its clients evade taxes. The Swiss bank reversed a recent vow to stick with its commodities unit, and thus joins the ranks of trading firms answering regulatory demands for more capital by significantly reducing or even shuttering their natural resource trading arms.
Credit Suisse’s fixed income unit outshone both its wealthy client unit and its US rivals with a 4 per cent rise in sales and trading, flouting its own downbeat guidance in May. That compares to drops of at least ten per cent at American banks like Goldman Sachs and JPMorgan last week.
Credit Suisse said the commodities cuts, set to save US$75 million, would allow resources and funds to be reassigned to its private bank, which disappointed investors with a 39 per cent drop in revenue and weaker margins, and swung to a loss due to the fine.