Credit Suisse will pay almost $50 million in the U.S. to avoid being criminally prosecuted over its hiring practices in Asia as recently as five years ago.
The Zurich-based bank's Hong Kong arm will pay $47 million to U.S. justice officials in order to avoid being prosecuted over its hiring practices in Asia from 2007 until 2013, Credit Suisse said in a statement on Wednesday.
The Swiss bank is one of several Wall Street banks including J.P. Morgan to be scrutinized over whether it violated corruption laws in the U.S. in its hiring practices, particularly in China. The U.S. bank settled with American officials for a heftier $264 million two years ago.
Earlier this year, Credit Suisse had disclosed it is being investigated over hires referred from government, in exchange for investment banking business as well as regulatory approvals.
Credit Suisse said it had already provisioned for the settlement in previous quarters, and the fine will not affect second-quarter results, which are due July 31. Credit Suisse also said it has improved its compliance and controls since 2013.
