The conviction hits Credit Suisse as it tries to turn a corner on financial losses and other scandals, including more than $5bn in losses related to the collapse of family office Archegos Capital Management

Credit Suisse and a former employee were found guilty on 27 June in a Swiss federal criminal court of helping a Bulgarian crime ring launder money related to cocaine trafficking.

The court found Credit Suisse didn’t do enough to prevent money laundering by members of the crime ring, which prosecutors said moved tons of cocaine into Europe and washed millions of dollars through Credit Suisse. It fined Credit Suisse around $2.1m and ordered it to pay around $20m to the Swiss government.

Credit Suisse fined $2m over money laundering linked to cocaine trafficking

Margot Patrick

Credit Suisse

Ex-Fidelity star Anthony Bolton warns US stocks will have ‘day of reckoning’

JPMorgan AM ups headcount 20% in European ETF push

Why are women over 50 quitting fund management?

Trading Places: Goldman’s ECM shake-up, Latham’s latest raid

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Find out who is on the move in the City and beyond this week

Sidley Austin raids Latham & Watkins for 10-lawyer team in London

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CDPQ hires Sharon White to lead push in Europe

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Former chair of the John Lewis Partnership is joining the Canadian pension fund giant early next year

One of the top investors in Adani Group launched an on-market share buyback to protect its share price against the contagion from a U.S. investigation into the Indian conglomerate.

GQG Launches Buyback After Stock Tumbles on Adani Probe

The president-elect floated the idea during a Wednesday meeting with the former Fed governor.

By Brian Schwartz, Vivian Salama and Andrew Restuccia

Trump Considers Warsh Serving as Treasury Secretary—and Then Fed Chair

The U.S. auditing watchdog voted to require certain audit firms to disclose eight new metrics ranging from auditor turnover to partner involvement and restatement history.

Large Accounting Firms Will Have to Submit Financial Statements to U.S. Regulator

The AI titan will maintain its strong lead, but complicated product rollouts, sky-high expectations and the China threat add complications to growth potential.

Nvidia Is on Top but Does It Have Anywhere to Go but Down?

Research group GfK’s measure of consumer confidence climbed to minus 18 in November’s survey from minus 21 in October.

U.K. Consumers Cheerier Ahead of Holidays as Budget, U.S. Election Jitters Fade

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