Credit Suisse Reaches Non-Prosecution Pact With U.S. Justice Department
June 06 2018 - 2:51AM
Dow Jones News
By Anthony Shevlin
Credit Suisse Group AG (CSGN.EB) said Wednesday that its Hong
Kong unit has reached a non-prosecution pact with the U.S.
Department of Justice relating to hiring practices in the
Asia-Pacific region between 2007 and 2013.
The bank said it will pay a penalty of about $47 million to the
Justice Department, and has already provided for that sum in
previous periods. The penalty will have no material effect on the
company's second-quarter financial results, it said.
Credit Suisse said no criminal charges have been brought and
that the matter didn't affect the services provided to clients,
investors or counterparts.
Credit Suisse said it has implemented different improvements to
its compliance and controls function since 2013.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com
(END) Dow Jones Newswires
June 06, 2018 02:36 ET (06:36 GMT)
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