Credit Suisse said on 24 October that it has reached a €238m settlement with French prosecutors over a case involving tax fraud, moving forward from another legal case as it pursues a painful reputational rehabilitation.

The Swiss lender will pay a €123m public-interest fine for historic cross-border private banking services comprising a profit disgorgement — a remedy for profits gained from wrongful conduct — of €65.6m, and the payment of an additional €57.4m.