Credit Suisse Group AG Chief Executive Officer Brady Dougan will testify this week at a U.S. Senate committee’s hearing on offshore tax evasion, increasing pressure on the largest of 14 Swiss banks under criminal investigation for helping Americans cheat on taxes.
HSBC Holdings Plc, Europe’s largest lender, said full-year earnings at its private bank dropped 81 percent as customers pulled money from its Swiss cross-border business and the firm made provisions for regulatory probes.
Credit Suisse Group AG agreed to pay $197 million to regulators and admitted servicing thousands of U.S. clients without approval, leaving unsettled a criminal probe of whether it helped Americans evade taxes.
UBS AG, Switzerland’s biggest bank, is considering a spinoff of its investment-banking business as regulators’ demands for more capital thwart efforts to boost returns, according to Mediobanca SpA analysts.
Deutsche Bank AG, Europe’s biggest investment bank by revenue, will review whether to punish senior employees including Alan Cloete for their roles in the interest- rate rigging scandal, according to a person with knowledge of the matter.
The average pay for Goldman Sachs Group Inc.’s top U.K. bankers rose 77 percent in 2012 even as it declined at U.S.-based peers amid calls from governments and the public to reduce executive compensation.