One quarter's profits? Hardly seems adequate.

Credit Suisse Takes Steep Loss After US Tax Penalty (Click here to view the source)

ByAP
PublishedJuly 22, 2014, 8:56 AM EDT 124 views
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GENEVA (AP) - Credit Suisse, Switzerland's second-biggest bank, posted a second-quarter net loss of 700 million Swiss francs ($779 million) Tuesday after paying the largest penalty ever imposed in a U.S. criminal tax case.
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The steep loss contrasted sharply with the profit of 1.045 billion francs ($1.16 billion) it posted in the April-June period a year ago. It resulted in what the bank called a final settlement of the U.S. government's case against the bank for helping wealthy Americans avoid paying taxes through secret offshore accounts.
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The Zurich-based bank pleaded guilty in May to aiding U.S. tax evaders and agreed to pay about $2.6 billion to the U.S. government and regulators, allowing it to put the criminal investigation behind it.
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"I want to reiterate that we deeply regret the past misconduct that led to this settlement and that we take full responsibility for it," Chief Executive Brady Dougan said in a statement. "The continued trust and support of our clients helped us mitigate the impact of the settlement on our business."