Credit Suisse reports a quarterly loss of $779m. It was hit by the settlement of its US tax dispute which reduced its second quarter net profit by $1.8bn Swiss francs.

The Swiss banking giant pleaded guilty to helping thousands of U.S. clients evade taxes in the US and agreed to pay $2.6 billion fine earlier this year. The $2.6 bn is the highest payment in a US criminal tax investigation up to now.

Credit Suisse also announced that they are exiting commodity trading.

This was widely reported in the media.

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