Credit Suisse’s Chief Says Bank won’t Be Materially Affected by FX Probes

0
141

Credit Suisse’s Chief Says Bank won’t Be Materially Affected by FX ProbesSwiss bank Credit Suisse’s chief disclosed on Tuesday that he doesn’t think that the bank may be impacted materially from the ongoing investigation into the allegations of forex benchmark manipulation by various national regulators.

Credit Suisse’s Chief Executive Officer Brady Dougan said that in a conference call with analysts after announcing a loss in the second quarter, backing his earlier remarks that downplayed its involvement in the scandal, reported Reuters.

More than 15 watchdogs in Europe, Far East, Asia and Greater Australasia, as well as U.S., are currently probing whether traders in some of the world’s leading banks colluded to manipulate prices in the mostly unsupervised $5.3 trillion-a-day foreign exchange market. Traders are being accused of using online chat platforms to carry out the nefarious activity.

**relatedarticle**

Meanwhile, forex firm Monex Group announced weak preliminary financial results for Q1 of its financial year that ends on March 2015. The final results will be released after 31st of July after the management saw it prudent to warn investors.

The total operating revenue for the quarter through June 30, 2014 is estimated to be 10.8 billion yen, a 36 percent drop. Net income accruing to Monex Inc. shareholders is estimated to be 500 million yen, a drop of at least 90 percent from 5 billion yen in the three months through June 30, 2013.

In the quarter through March 31, 2014, Monex reported total operating revenue of 12.05 billion yen while the net income accruing to Monex Group shareholders stood at 1.09 billion yen, hence the numbers fell by 10.4 percent and 54.3 percent respectively.

The results of its American subsidiary Monex Inc shows that operating revenue in the quarter through June 30, 2014 fell 42.3 percent YOY to 7.2 billion yen, while net income fell 79 percent to 789 million yen YOY. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Yashu Gola at yashu@forexminute.com