Credit Suisse betrayed: Former bankers have informed US authorities that the big Swiss bank is helping other customers with tax evasion. Once again! In 2014, CS was fined $2.6 billion in a tax dispute with US authorities.
However, as the “Bloomberg” news portal wrote, new cases are now emerging. Accordingly, the big Swiss bank is said to be helping especially Latin American customers hide their money from US tax authorities this time around. According to the report, hundreds of millions of dollars are at stake. The US Department of Justice has launched an investigation into aiding and abetting tax evasion.
Negative headlines at the wrong time
Credit Suisse denies the allegations when asked by Blick. “Credit Suisse does not tolerate tax evasion,” the bank writes. Since 2014, efforts have been intensified to “identify people trying to hide their assets from tax authorities”. Undisclosed accounts would be closed and the bank would continue. Bankers who do not comply will be “disciplined”. You are cooperating with US authorities.
The negative headlines came at the wrong time for CS: The bank was out of danger and announced a comprehensive strategy review. This also includes a savings program of up to CHF 1.5 billion. CS share has been falling for weeks due to uncertainty. The CS leadership wants to decide how to proceed on October 27. (sfa)