U.S. lawmakers have accused embattled Swiss bank Credit Suisse of limiting the scope of an internal investigation into Nazi clients and Nazi-linked accounts, including some that were open until just a few years ago.
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The Swiss government says it’s ordered cuts to the bonuses of top executives of Credit Suisse, with nearly 1,000 managers being “deprived” of tens of millions combined as the troubled bank heads toward a forced merger with rival UBS.
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A largely polite — if at times boisterous, emotional, angry and even humorous — mood pervaded at the first in-person shareholder meeting in four years and likely the last in the bank’s 167-year history: Credit Suisse is set to be swallowed by its crosstown competitor in the coming months in a deal that was forced through without a shareholder vote.
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The chairman of Credit Suisse apologized Tuesday to shareholders for failures of the once-venerable bank and acknowledged the shock and anger felt as the troubled Swiss lender is set to be swallowed up by rival UBS in a government-arranged takeover. “The bank could not be saved,” he said.
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Switzerland’s Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by UBS Group, the office of the attorney general said Sunday.
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Credit Suisse is complicit in ongoing tax evasion by ultra-wealthy Americans, including a potentially criminal conspiracy involving the failure to disclose nearly $100 million in secret offshore accounts held by a single family, a Senate investigation released Wednesday finds.
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UBS said Wednesday that it’s bringing back former CEO Sergio Ermotti to lead the Swiss bank as it moves forward with a government-orchestrated plan to take over struggling rival Credit Suisse.
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In a statement, the Swiss National Bank said it is providing large amounts of support for the deal to merge Switzerland’s biggest banks and that the late Sunday announcement by the federal government, financial regulators and the central bank “put a halt to the crisis.”
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Switzerland’s government says it’s ordering Credit Suisse to temporarily suspend bonuses for employees after orchestrating a plan for the No. 2 Swiss bank to be taken over by rival UBS.
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