Credit Suisse sees little business impact from US penalties

CREDIT Suisse shrugged off Monday’s massive fine from US authorities yesterday, saying that charges of tax evasion had not affected the bank’s relationship with clients.

“We’ve had a lot of consultations with clients in terms of different potential outcomes here, and I have to say all of the discussions with clients have actually been very reassuring. We haven’t really seen many issues there at all,” said chief executive Brady Dougan.

“To date, even with all this noise out there we’ve actually had almost no impact on the business to date,” he added.

The Swiss bank offered a guilty plea late on Monday to charges that it has helped Americans evade taxes, and the US Department of Justice announced $2.6bn (£1.54bn) in penalties for the group.

US senator and former Republican candidate for President, John McCain, said that he wanted the guilty plea reviewed, “to see whether it appropriately holds officers, directors and key executives individually accountable” for misconduct.

Currently, no senior individuals at the bank have been held responsible and the bank has kept all of its relevant licences.