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.
On the second day of this year's AFP conference Trump's potential tax reform, using synthetic debt and the expected benefits of SWIFT GPI were all hotly discussed topics.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
On-Demand Treasury Management Solutions continue to gain increased adoption in the US and EMEA regions.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.