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Stories of Interest
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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NEWSLETTERS & ALERTS
Credit Suisse Responds to Friday’s Raids With Newspaper Ads
[Photo: Ominous Shadows Continue to Blot CS's Reputation]
Credit Suisse is hoping a newsprint ad campaign will help to restore the reputational damage caused by last week’s surprise 5-country raid on the bank that focused on tax evasion and money laundering violations. [See Financialish, 3/31/17]
The bank placed 2-page ads in at least 2 U.K newspapers, and posted a Press Release on its web site, all in response to the investigation and all emphasizing the bank’s ‘Strict Zero Tolerance Policy’. CEO Tidjane Thiam has worked hard to promote Credit Suisse’s wealth management business, while deemphasizing the past violations that have taken a toll on the bank’s finances and credibility.
Here’s the Press Release:
Credit Suisse Applies a Strict Zero Tolerance Policy on Tax Evasion
Response to recent reports about tax probes in various European countries
To our clients and the public:
- Credit Suisse applies a strict zero tolerance policy and wishes to conduct business with clients that have paid their taxes and fully declared their assets.
- We strictly comply with all the applicable laws, rules and regulations in the markets in which we operate.
- As of 2011, we conducted a large review of our European business and requested clients to provide evidence of their tax compliance.
- As a result of our review the bank terminated the relationship for clients who did not provide evidence that they paid taxes and declared their assets. This led to very significant asset outflows as we do not want to do business with clients who are unwilling to provide the required evidence.
- We have made significant investments to implement the new international standard "Automatic Exchange of Information" in tax matters for our European locations effective April 1, 2017, which will foster even stronger transparency internationally.
- Consistent with our zero tolerance policy, we continue to work closely with the local authorities in all matters and particularly in this new case.
We will inform you in the event of any further developments.