Credit Suisse reported that its New York office served as an “outpost” to connect Swiss clients in the US, but the DFS found a 2007 internal bank document describing the office as a place to ‘solicit new business.’ In 2009—the same year that UBS was fined $780m and involved in aiding tax evasion—the New York office closed. Credit has budgeted SFr720m ($110m) so far to deal with the Department of Justice criminal investigation. Source:Financial Times
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