The U.S. Justice Department is investigating whether Credit Suisse continued helping U.S. clients hide assets from authorities, eight years after the Swiss bank paid a $2.6-billion tax evasion settlement, Bloomberg News reported on Tuesday.
Register now for FREE unlimited access to Reuters.comOne of the largest banks in Europe, Credit Suisse is trying to recover from a string of scandals, including losing more than $5 billion from the collapse of investment firm Archegos last year, when it also had to suspend client funds linked to failed financier Greensill.
Over the past three quarters alone, losses have added up to nearly 4 billion Swiss francs and last week, in an unusual move, the Swiss National Bank, which oversees the financial stability of systemically important banks in Switzerland, said it was monitoring the situation at Credit Suisse. Credit Suisse, Switzerland's second-biggest bank, said last week it will buy back up to 3 billion Swiss francs of debt, in an attempt to show its financial muscle when speculation about the bank's future gathered pace on social media.Under a restructuring launched by Chairman Axel Lehmann, the bank envisions shrinking its investment bank to focus even more on its flagship wealth management business.
"Credit Suisse does not tolerate tax evasion," the bank told Reuters in a statement on Tuesday. It also added that it is "cooperating extensively with U.S. authorities, including the U.S. Senate and Department of Justice." A spokesperson for the Justice Department did not immediately respond to a Reuters request for comment.Reporting by Noor Zainab Hussain, Sneha Bhowmik and Mrinmay Dey in Bengaluru; Editing by Shailesh Kuber
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Did Home Depot Donate to Herschel Walker's Campaign?The truth of the matter regarding Home Depot and Walker, a Georgia Republican candidate for U.S. Senate, wasn't as simple as it was presented by some news articles.
Read more »
Audi May Finally Build Cars In The US Thanks To New EV Tax CreditThe US EV tax credit has rules related to domestic manufacturing and battery materials' sourcing, and it's encouraging EV makers to open up shop on our shores.
Read more »
Rep. Tim Ryan, author JD Vance hold US Senate debate in OhioDemocratic U.S. Rep. Tim Ryan and Trump-endorsed Republican JD Vance are meeting in the first of two scheduled debates in their closely watched race for Ohio’s coveted open U.S. Senate seat.
Read more »
Team Trump awaits last chance for John Durham to reveal 'deep state'Igor Danchenko is set to go on trial in what is only the third indictment under the long-running probe into the origins of the Russia inquiry.
Read more »