Swiss banking giant Credit Suisse is set to sign a document admitting it had unwittingly run a "criminal enterprise" in its past wooing of US tax dodgers, media reported on Sunday.
The US Justice Department is seeking tough criminal penalties against European giants Credit Suisse — which now reportedly faces a fine as high as $2 billion — and BNP Paribas as prosecutors aim to demonstrate that no institution is "too big to jail."
Credit Suisse, facing potential criminal charges for helping Americans dodge taxes, has created a "bad bank" unit for US clients, Swiss media reported on Tuesday.
Credit Suisse is expected to face criminal charges, according to an American official, as US Attorney General Eric Holder warned on Monday that no financial institution should consider itself "above the law".
The owner of a Swiss trust company pleaded guilty Wednesday to conspiring with Credit Suisse bankers to enable US customers to avoid taxes by hiding assets in secret Swiss bank accounts.
Swiss banking giant Credit Suisse said on Wednesday that its first quarter net profit took a heavy hit as its investment bank reeled from slumping trading in bonds.
A New York regulator probing Credit Suisse's role in enabling tax evasion has demanded a trove of additional documents from the bank, a person familiar with the situation said Tuesday.
Credit Suisse faces a new probe over its role in enabling US tax evasion, this time from a New York state regulator, a person familiar with the matter said on Monday.
Britain's state-rescued Royal Bank of Scotland revealed on Friday that it has poached Credit Suisse banker Ewen Stevenson, a key advisor in the group's vast bailout, to be chief financial officer.
Swiss bank Credit Suisse agreed on Friday to pay $885 million to settle US charges it sold shoddy mortgage bonds to Fannie Mae and Freddie Mac ahead of the financial crisis.
British regulators on Thursday fined an ex-Credit Suisse trader for attempting to rig the price of government bonds in order to profit from the Bank of England's quantitative easing programme.
Switzerland's second largest bank, Credit Suisse, accused by Washington of helping US clients hide billions from the taxman, acknowledged on Wednesday there had been "misconduct" by some of its employees but said management was unaware.
Switzerland's second largest bank, Credit Suisse, used elaborate measures to find wealthy clients and help an estimated 19,000 US customers evade American tax authorities, a scathing report from a Senate inquiry said on Tuesday.
Swiss banking giant Credit Suisse has admitted it violated US securities laws and will pay $196 million to settle the charges, the Securities and Exchange Commission said Friday.
Shares in Credit Suisse fell in early morning trading on Thursday as Switzerland’s second largest bank posted results for the fourth quarter of 2013 that fell below forecasts.
Swiss banks look set for new job cuts this year, despite ever-rosier figures, amid rising regulatory pressure and a US clampdown on tax-dodgers, consultants EY said on Thursday.
Credit Suisse is denying charges levelled by the state of New Jersey that it misrepresented the risks on more than $10 billion in mortgage-backed securities.
A former top Credit Suisse trader was sentenced to two and a half years of prison on Friday in New York for inflating subprime mortgage-related bond prices during the housing market collapse.
Swiss giant Credit Suisse is to change its legal structure to meet stricter regulatory requirements for banks deemed too big to fail, it said on Thursday.
Credit Suisse on Thursday reported a net profit of 454 million francs ($509 million) for the third quarter of 2013, up 79 percent from the same period a year earlier but less than many financial analysts expected.
The cantons of Zug and Zurich remain the most attractive places in Switzerland for companies to locate in Switzerland, according to a report from Credit Suisse released on Wednesday.
