Credit Suisse to pay $47 million to settle hiring corruption probe
08 Jun 2018

Credit Suisse (CSGN.S) will pay a penalty of about $47 million (35.06 million pounds) to resolve a U.S. Department of Justice corruption probe into its hiring practices in the Asia Pacific region between 2007 and 2013, the Swiss bank said in a statement on Wednesday.

The bank said no criminal charges were brought, that it had set aside money in previous periods to cover the penalty and that it did not expect an impact on second-quarter results.

The U.S. investigation looked into whether Credit Suisse hired referrals from government agencies in Asia in exchange for business.

Chief Executive Tidjane Thiam has been seeking to turn around the bank’s fortunes following big losses as well as exit an era when ethical lapses cost it billions in penalties or settlements.

– By John Miller, Reuters, 6 June 2018

Link to Reuters.

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