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Credit Suisse to pay $47M to end Asia hiring probe

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Credit Suisse to pay $47M to end Asia hiring probe

Credit Suisse Group AG agreed to pay about $47 million to the U.S. Justice Department to end a probe into whether it hired referrals from government entities in the Asia-Pacific region between 2007 and 2013 in exchange for investment banking business and/or regulatory approvals.

The Swiss lender will face no criminal charges under the nonprosecution agreement. The fine will be largely covered by provisions from prior periods and will have no material impact on its second-quarter results, Credit Suisse said.

The bank said it has carried out various enhancements to its compliance and controls function since 2013.