BROWSE BY TOPIC
Stories of Interest
- SEC Charges Additional Defendant in Fraudulent ICO Scheme
- Warren Buffett Simply Blew it on Wells Fargo Stock: Dick Bove (Video)
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
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.