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Credit Suisse to pay $47 mn for hiring practices in Asia

Credit Suisse to pay $47 mn for hiring practices in Asia

Credit Suisse's Hong Kong unit has reached a non-prosecution agreement with the US Department of Justice for recruiting 'princelings' - members of China's influential families.

The Swiss wealth manager will pay a penalty of $47 million to the US regulator for hiring referrals from government agencies and state entities in Asia in exchange for investment banking business and regulatory approvals between 2007 and 2013.

No criminal charges have emerged from the probe into the breach of the US Foreign Corrupt Practices Act.

The fine has been 'substantially provided for in prior periods' and will have no material impact on its second quarter results, Credit Suisse said in a release on the website.

The agreement settles the Department of Justice investigation but not the Securities and Exchange Commission inquiry.

In November 2016, JP Morgan Chase was fined $264 million by the Securities and Exchange Commission, Department of Justice and Federal Reserve Board of Governors for winning businesses from clients and corruptly influencing government officials in Asia by providing jobs and internships to relatives and friends.

 

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