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Credit Suisse Responds to Friday’s Raids With Newspaper Ads

April 3, 2017

[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.