Credit Suisse pays $47m to settle US probe into ‘jobs-for-contracts’ in Asia
Zurich — Credit Suisse Group agreed to pay a $47m penalty to the US Department of Justice to end a probe into whether it hired employees in Asia in exchange for government contracts and other favours. Credit Suisse’s Hong Kong unit reached a non-prosecution agreement with the DOJ regarding its recruitment practices in Asia between 2007 and 2013, according to an e-mailed statement from the Zurich-based bank on Wednesday. The payment will have no material impact on second-quarter results since the bank has already provisioned for the payment, it said. The settlement resolves another legal issue for Credit Suisse, which has paid roughly $13bn in fines since 2008. The bank said earlier this year that entities including the DOJ and US Securities and Exchange Commission were investigating whether the bank hired referrals from government and other state-owned entities in exchange for investment banking business and regulatory approvals, in potential violation of the Foreign Corrupt Practic...
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