March 2, 2016 - Credit Suisse Dragged Into Geneva Fight Over Lost Client Cash
Credit Suisse Group AG has been dragged into a second criminal complaint brought by two Russian clients who claim that a former manager in the bank’s wealth management unit made unauthorized transactions to cover up trading losses.
February 22, 2016 - Credit Suisse Group AG (ADR) to Face Another Probe
Credit Suisse Group AG (ADR) (NYSE:CS) has allegedly been involved in helping approximately 4,000 customers to cover the fraud of about $8.9 billion (8 billion euros) earned illegally, which was not declared to Italy's tax authorities.
February 19, 2016 - Credit Suisse Said to Be Probed in Italy for Money Laundering
Clients were sold insurance policies issued by Lichtenstein and Bermuda subsidiaries of the bank, the people said. The scheme enabled them to skirt a Swiss withholding tax on deposits in foreign-held accounts while retaining access to their cash, which they could still manage from Swiss accounts, said the people.
February 8, 2016 - Julius Baer signs final deal with the US
The DoJ stated that Julius Bär had helped US citizens dodge taxes from “at least the 1990s through 2009”. In 2006 the bank issued a memo called “US Clients: Do’s and Don’ts”. Parts of this circular are quoted in the DoJ statement of facts released late on Thursday.
February 8, 2016 - Credit Suisse's Thiam wants his bonus to be cut up to 50 percent: report
The move comes in the wake of Credit Suisse's first loss in eight years, thousands of job cuts, a $2.6 billion legal settlement in the United States for helping wealthy people there evade taxes and other problems.
February 4, 2016 - Credit Suisse announces 4,000 job cuts
Thiam indicated that the poor performance was linked to a number of different factors including sharply falling oil prices, diverging monetary policies by global central banks, a strong Swiss franc and slowing economic growth in China.
February 1, 2016 - Credit Suisse hit with $84 million dark pool fine
United States regulators have fined Swiss bank Credit Suisse for misleading investors that used its so-called “dark pool” platform. Credit Suisse was ordered to hand over $84.3 million (CHF86.2 million), while Britain’s Barclays bank also faced penalties of $70 million.
January 4, 2016 - Lombard Odier Settles with DOJ for 99M
December 30, 2015 - Swiss bank tax evasion fines to US reach $1 bn
With the resolutions "under the Swiss Bank Program, the department has reached agreements with 75 Swiss banks, imposed penalties in excess of $1 billion, and secured voluminous and detailed information regarding the illegal conduct of financial institutions, professionals and account holders around the world", said Caroline Ciraolo, acting assistant attorney general in the Department of Justice's tax division
December 21, 2015 - Julius Baer May Face Higher U.S. Fine, SonntagsZeitung Says
U.S. prosecutors could ask Julius Baer to settle for double the $350 million earmarked by the bank, the newspaper reported on Sunday, citing people familiar with the matter. Julius Baer spokesman Jan Vonder Muehll declined to comment on the article.
December 16, 2015 - Switzerland seeks claimants for dormant accounts
The first-of-its-kind list published by the Swiss Bankers Association identifies more than 2,600 accounts with total assets estimated at 44 million Swiss francs ($44 million/41 million euros) which have been dormant for at least 60 years.
December 15, 2015 - Three Banks Reach Resolutions Under Swiss Bank Program
The Department of Justice announced today that Crédit Agricole (Suisse) SA (CAS), Dreyfus Sons & Co Ltd, Banquiers (Dreyfus), and Baumann & Cie, Banquiers (Baumann), reached resolutions under the department’s Swiss Bank Program. These banks collectively will pay penalties of more than $130 million.
December 9, 2015 - RBS Reaches $26 Million Settlement in Coutts Swiss Tax Probe
Royal Bank of Scotland Group Plc agreed to pay 23.8 million euros ($26 million) to settle allegations from German prosecutors that its Swiss Coutts & Co. Ltd. private bank helped some clients evade tax.
November 30, 2015 - Switzerland sentences tax evasion whistleblower Hervé Falciani to 5 years in prison
Whistleblower Hervé Falciani, a former head of computer security at HSBC's private banking arm in Geneva, was sentenced in absentia Friday after being convicted of corporate espionage for taking records that showed the bank helped hide the equivalent of $255 billion of clients' money.
November 17, 2015 - U.S. Executive At Credit Suisse To Step Down
Zurich-based Credit Suisse is shifting focus under recently appointed Chief Executive Tidjane Thiam, who took over in July. The new strategy involves bolstering private-banking efforts in Asia as well as unloading Credit Suisse's U.S.- based private-banking business to Wells Fargo & Co. by next year, among other measures.