Credit Suisse almost doubles provisions for U.S. tax-dodging case

|About: Credit Suisse Group AG (CS)|By:, SA News Editor

Credit Suisse (CS) has increased its provisions to cover a U.S. tax case by 425M Swiss francs ($480M) to 895M francs, the bank said in its annual report.

The money is to cover accusations that Credit Suisse helped U.S. citizens hide their money and dodge their taxes.

Following the increase in the provisions, the bank is lowering its Q4 and 2013 results by 468M, resulting in a Q4 net loss of 476M francs.

Overall litigation provisions doubled to 2.33B francs in 2013 from 1.16B francs a year earlier.

Notwithstanding, CEO Brady Dougan's compensation jumped 26% to 9.8M francs.