Following their guilty plea, Credit Suisse now needs a waiver from the US Labor Department to retain its status as a QPAM (qualified professional asset manager) otherwise it will lose it on August 12, 2014. This is a key qualification to be able to oversee pension funds in the US.

As quoted by Reuters, Suzanne Fleming, a spokeswoman for the company, said: ‘We continue to work with the Department of Labor and are hopeful that we will receive an exemption in a timely fashion’.

So far Credit Suisse has not received any other regulatory bans.