Credit Suisse has set aside an additional CHF468 million (US$527.8 million) to settle an ongoing US criminal probe into whether the bank helped wealthy US citizens dodge taxes.
The Swiss bank set aside CHF295 million nearly three years ago for the same case after the US probe agencies fined UBS CHF780 million for aiding American clients evade taxes.
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Following the increase in the provisions, Credit Suisse has lowered its Q4 and 2013 results by CHF468 million, resulting in a Q4 net loss of CHF476 million.
Originally, Credit Suisse had reported a fourth-quarter net profit of CHF267 million in February.
The bank’s chief executive Brady Dougan, in February, appeared before a US Senate Committee hearing over the bank’s practices but argued the indiscretions were confined to a small number of staff in the private banking arm, and that it was "a very small business from our point of view, less than 1% of the global profitability of the global bank".
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