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Monday 23 October 2017

Swiss bank in huge fine

bad day for

Swiss bank Credit Suisse is poised to report its biggest quarterly loss since the collapse of Lehman Brothers after being fined $2.6bn (€1.8bn) for helping American clients evade taxes.

The bank is expected to post a loss of 701m Swiss francs (€577m) tomorrow.

"The insecurity before and after the guilty plea certainly didn't make the business easier," said Peter Stenz, of Swisscanto Asset Management.

Credit Suisse's loss would be the biggest since the fourth quarter of 2008.

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