Credit Suisse Group has agreed to pay US$885m to settle lawsuits by the US Federal Housing Finance Agency (FHFA) over mortgages sold to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation – aka Fannie Mae and Freddie Mac.
Switzerland’s second-biggest bank said that it will book a charge of 275m Swiss francs (CHF) or US$312m after taxes in the fourth quarter of 2013, resulting in a restatement of results to a net loss of CHF8m for the period.
Credit Suisse was one of 18 lenders sued by the FHFA in 2011 to recoup losses on about US$200bn in mortgage-backed securities sold to the two government-sponsored companies before the 2008 financial crisis. Nine companies, including JPMorgan Chase, Deutsche Bank and UBS have agreed to pay more than US$9.2bn to settle similar lawsuits by FHFA.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.