Thousands of Credit Suisse Group AG’s U.S. clients still don’t know whether tax authorities will learn their identities as prosecutors work to conclude a three- year probe of how the bank helped them evade taxes.
Credit Suisse Group AG, which runs Asia’s third-largest private bank, will step up lending to first-generation business owners as it seeks to build relationships with potential wealth-management clients.
Credit Suisse Group AG’s Chief Executive Officer Brady Dougan, under fire from U.S. lawmakers, apologized and deflected blame onto a small group of employees for helping clients hide billions of dollars from the Internal Revenue Service.
Credit Suisse Group AG helped American customers hide as much as $10 billion in assets from the Internal Revenue Service, more than double the amount previously known, according to a U.S. Senate committee.
U.S. regulators are investigating whether Credit Suisse Group AG improperly shifted money in its private banking unit to obscure a drop in asset growth amid a U.S. probe of tax evasion at Swiss banks, a person familiar with the matter said.
U.S. Deputy Attorney General James Cole will defend the Justice Department’s investigation into offshore tax evasion, promising lawmakers more action in the coming months after a Senate subcommittee reprimanded prosecutors for not being aggressive enough.
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.