Credit Suisse Set for Biggest Loss Since 2008 on Tax Fine
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Credit Suisse Group AG is poised to report its biggest quarterly loss since the collapse of Lehman Brothers Holdings Inc. after being fined $2.6 billion for helping American clients evade taxes.
The bank will tomorrow post a loss of 701 million Swiss francs ($781 million), hurt by a 1.6 billion-franc charge linked to the fine, according to the average estimate of seven analysts surveyed by Bloomberg. By contrast, larger competitor UBS AG may log an 812 million-franc quarterly profit next week.