NEW YORK (TheStreet) -- Now that Credit Suisse (CS) has agreed to pay the U.S. a $2.5 billion fine after pleading guilty to criminal charges for helping wealthy Americans avoid taxes, the bank's shares are up 0.76% to $29.32 in heavy volume trading this afternoon.
Will the dispute with the U,S have implications for the clients and other that do business with the group?
Credit Suisse said it had not seen a material impact in the past few weeks on its business and that clients faced no legal obstacles from doing business with it despite the guilty plea, Reuters reports.
TheStreet Ratings team rates CREDIT SUISSE GROUP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CREDIT SUISSE GROUP (CS) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, expanding profit margins and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself."