Credit Suisse to Pay Fine of $135 million for FX Trading Misconduct
Credit Suisse has agreed to pay a settlement of $135 million for its foreign exchange misconduct after investigations by the Department of Financial Services of New York State (DFS). The U.S. authority had investigated its FX trading practices between 2008 to 2015, including trading ahead of clients (“front running”) or manipulating exchange rates. The DFS concluded the bank brokers had misled clients and manipulated exchange rate values.
“Credit Suisse Agreed to Pay Fine of $135 million Forex Trading Misconduct”
The $135 million settlement was agreed between Credit Suisse and the Department of Financial Services of New York State (DFS).
About Credit Suisse
Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.
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