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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Credit Suisse Group | NYSE:CS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.8858 | 0 | 01:00:00 |
By John Letzing
ZURICH-- Credit Suisse Group AG said late Friday an increase in legal provisions related to U.S. mortgage issues has slashed reported profit at the Swiss bank for the fourth quarter.
"Developments in industry-wide litigation and investigations in the United States relating to mortgages" have spurred Credit Suisse to increase litigation provisions by 277 million Swiss francs ($290 million), the Zurich-based bank said in a statement. Credit Suisse said that due to charges resulting from the change, it is now reporting a net profit of 691 million francs for the period, compared with the 921 million francs it had reported earlier this month.
The bank's initial reporting of fourth-quarter results had been generally well received, and helped to send its shares sharply higher.
Credit Suisse previously settled U.S. mortgage-related litigation last year with the Federal Housing Finance Agency, which alleged that the bank misrepresented mortgage-backed securities sold before the financial crisis, for $885 million. That settlement also retroactively took a bite out of the bank's previously-reported financial results for the prior year.
The bank has been the target of a number of other legal actions in the U.S. related to its sale of mortgage-backed securities, in various states.
In 2012, New York's attorney general sued the bank, alleging that it misrepresented the quality of the loans in its mortgage-backed securities sold before the financial crisis. By mid-2012, losses incurred in residential mortgage-backed securities sponsored by Credit Suisse in 2006 and 2007 totaled more than $11.2 billion, the attorney general's office said in a statement at that time.
Write to John Letzing at john.letzing@wsj.com
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