STEVE INSKEEP, HOST: NPR's Business News starts with big losses at Credit Suisse - really big. The Swiss bank is reporting a net loss of more than $770 million for the second quarter. That's the biggest loss for the bank since the 2008 financial crisis. Much of the loss is due to a legal settlement with U.S. tax authorities. In May, the bank pleaded guilty to helping Americans evade U.S. taxes by hiding the money in Swiss accounts. Credit Suisse paid a fine of $2.6 billion.
The second-quarter figure marks the biggest loss for the bank since the 2008 financial crisis. Much of that is due to a legal settlement with U.S. tax authorities — including a $2.6 billion fine.