The bank is also a target of several private antitrust cases in the US, including class actions related to foreign-exchange rates and interest-rate swaps. The Justice Department fined Credit Suisse US$2.6 billion in 2014 for helping Americans dodge taxes in Switzerland. In all, Credit Suisse has been slapped with more than US$11 billion of fines and legal settlements since the start of 2008, the most of any European bank except Deutsche Bank, according to calculations by Bloomberg. That includes the civil penalty portion of the preliminary settlement with the Justice Department announced last month. The company had 1.6 billion Swiss francs of legal reserves at the end of 2015 and disclosed more than 500 million Swiss francs of additional provisions in 2016, before announcing the settlement in December. Mr Thiam has updated investors twice on his turnaournd plan, which includes thousands of job cuts in New York and London.