Rising home prices and conservative borrowing have today's homeowners sitting on a record amount of potential cash. Today's mortgage holders saw their home equity increase by...Real Estateread more
SoftBank wants to push Neumann out of the CEO role ahead of the IPO.Technologyread more
The Mac Pro is the only major Apple computer to be assembled in the United States. Most of Apple's products, including the iPhone, are assembled in China and are facing tariff...Technologyread more
CNBC's Jim Cramer calls on investors to be wary of the slew of the hyped-up unicorn companies going public this year and encourages the focus to be on deliverable earnings.Investingread more
The UK's Civil Aviation Authority said Thomas Cook had now ceased trading and the regulator would work with the government to bring the more than 150,000 British customers...Europe Marketsread more
Markets have been betting Trump's Twitter attacks on the Fed will move rates. Among other things, Trump has called Chairman Jerome Powell "clueless" and Fed officials as a...The Fedread more
Trump's call with the foreign leader is reportedly the subject of a whistleblower's complaint that has spurred new accusations of wrongdoing from Democrats.Politicsread more
Harvard economist N. Gregory Mankiw says ultra-wealthy couples could split their fortunes in half through divorce and avoid paying a wealth tax proposed by presidential...Wealthread more
The U.S. Securities and Exchange Commission settled charges Monday against former Nissan CEO Carlos Ghosn and its former director Greg Kelly on Monday over false financial...Autosread more
An annual survey by Piper Jaffray finds iPhone that users willing to upgrade to newly released models declined from last year.Technologyread more
These are the stocks posting the largest moves midday.Market Insiderread more
Credit Suisse reported a loss of 700 million Swiss francs ($779 million) in the second quarter, impacted by litigation costs.
The figure compared with a 581 million Swiss franc loss forecast in a Reuters poll. Credit Suisse's own poll of 20 analysts put the expected loss at 731 million Swiss francs however.
This loss is down from the 1.45 billion Swiss francs net income the bank posted in the same period last year and marks the lender's biggest quarterly loss since the start of the financial crisis. Shares in the bank traded 0.7 percent lower shortly after market open, before slipping over 2 percent.
The Swiss banking giant pleaded guilty to helping thousands of U.S. clients evade paying taxes to the U.S. government and agreed to pay $2.6 billion fine earlier this year.
The bank said the settlement would reduce its second-quarter net profit by 1.6 billion Swiss francs ($1.8 billion).
The $2.6 billion payment is the highest in a U.S. criminal tax investigation to date, according to U.S. authorities.
"Our reported results for the second quarter and the first half of 2014 were impacted by the resolution of our most significant legacy litigation issue," chief executive officer Brady Dougan said in a statement.
Read MoreEuropean bank CEO pay surges in 2013
"With the final settlement of all outstanding U.S. cross-border matters as announced in May, we brought to a close the most significant and long standing litigation issue for Credit Suisse. I want to reiterate that we deeply regret the past misconduct that led to this settlement and that we take full responsibility for it," he said.
"Obviously there has been some impact, we had to work through it. We certainly appreciate the support we have seen from our customers and a lot of the hard work done by our employees as well," Dougan said, speaking to CNBC.
The group also said it had exited from commodity trading to "further enhance capital and operating efficiencies".
In private banking and wealth management, the Zurich based lender posted a loss of 749 million Swiss francs, driven by the litigation settlement charges. However, the division attracted net new assets of 10.1 billion Swiss francs in the second quarter, the bank said.
"We are working very hard to make sure we have an extremely compliant business, we haven't had any issues on the Libor side, we don't have any material issues in the FX side, but there are are a number of issues that we continue to work through," Dougan told CNBC.
The bank's capital levels, in place for European bank stress tests, slipped to 9.5 percent, falling below the 10 percent threshold and the 11 percent long term target, Dougan said.
He said a number of business and real estate dispositions would get the bank above the 10 percent level by the end of the year, as well as organic generation of capital.
"As we said once we get to 10 percent we are going to allocate half of our accretion of capital to distribution to shareholders," he told CNBC.