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A record US tax fine has resulted in a major loss for Swiss lender Credit Suisse in the second quarter, its earnings report showed on Tuesday.
Switzerland’s second biggest bank made a loss of 700 million Swiss francs ($779 million), the biggest since the financial crisis, Credit Suisse said in Zurich.
The bank had recorded a profit of 1.05 billion francs in the first quarter of 2014.
The bank settled its tax row with US authorities in May, resulting in a record fine of $2.6 billion and the admission that Credit Suisse had helped US citizens evade taxes.
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