BROWSE BY TOPIC
Stories of Interest
- New Cyberattack Goes Global, Hits WPP, Rosneft, Maersk
- Deutsche Bank Said to Lose as Much as $60Mn Over Derivative Trade
- Dimon Says JPMorgan Headcount to Keep Rising Despite Automation
- RBS to Cut 443 Jobs In UK, Move Many of Them to India
- Deutsche Bank Bullish on London Despite Brexit
- Supreme Court Nears Finish With Big Cases, Retirement Rumors
- The Richest Person in Every State
- LPL Tabs Scott Seese, Former eBay Exec, as Chief Information Officer
- Fired Biglaw Associate Arrested for Trying to Extort Partners
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
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.