Credit Suisse controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
Back to profile9 entries
2023
Collapse of confidence and UBS takeover
Persistent governance, risk and profitability problems culminated in a loss of market confidence and the forced sale of Credit Suisse to UBS with official support.
2022
Suisse Secrets and client-screening scrutiny
Reporting based on leaked account information renewed criticism of the bank’s treatment of high-risk clients, secrecy practices and anti-money-laundering controls.
2022
FINRA fines Credit Suisse unit $9 million
Fine or penalty
FINRA fined a Credit Suisse unit $9 million for violations involving research disclosures and the safeguarding of customer funds and securities. The unit did not admit or deny wrongdoing; Credit Suisse said it had addressed the underlying issues.
Company response
Remediation — Credit Suisse
Credit Suisse said it cooperated with FINRA, was pleased to settle, and has addressed the underlying issues, which it said “primarily concern coding errors in Credit Suisse systems.”
Source excerpt
A U.S. regulator on Thursday fined a unit of Credit Suisse Group AG $9 million for violating multiple laws and rules protecting investors, including ones involving potential conflicts of interest and the safeguarding of customer funds.
The settling unit, Credit Suisse Securities (USA) LLC, did not admit or deny wrongdoing.
2021
Credit Suisse fined in Mozambique tuna corruption case
Fine or penalty
UK authorities fined Credit Suisse £147m over a corruption scandal involving Mozambique's tuna fishing industry. The fine was part of a $475m settlement with UK, Swiss and US regulators; the FCA said the bank had failed to properly manage financial-crime risk.
Source excerpt
The UK's Financial Conduct Authority (FCA) said the bank had "failed to properly manage the risk of financial crime".
Investment bank Credit Suisse has been fined £147m by UK authorities over a corruption scandal involving Mozambique's tuna fishing industry.
The fine is part of a $475m settlement with UK, Swiss and US regulators.
2020
Ten banks sued over alleged corporate bond market price coordination
Lawsuit filed
A class action lawsuit was filed in Manhattan federal court against ten banks, including JPMorgan Chase and Bank of America, alleging that they conspired over nearly 14 years to manipulate prices in the $9.6 trillion corporate bond market. Credit Suisse was among the ten banks named in the lawsuit. The claims are allegations contained in the complaint and do not constitute a court finding.
Source excerpt
周二在曼哈顿联邦法院提起的集体诉讼称，这些银行自2006年8月以来违反了反垄断法，在“零股”交易中向投资者收取过高费用。
摩根大通和美国银行在内的10家全球最大银行，于当地周二在曼哈顿联邦法院被起诉，因其涉嫌在近14年时间里串谋操纵9.6万亿美元公司债市场的价格，令普通投资者损失数十亿美元。
The fund alleges that the bank "concealed material defects in the company's risk policies and procedures and compliance oversight functions and efforts to allow high-risk clients to take on excessive leverage," exposing the bank to "billions of dollars in losses."
2019
Credit Suisse employee-surveillance scandal
Issue disclosure
A report described a company espionage scandal at Credit Suisse, alleging that COO Pierre-Olivier Bouée ordered an investigation into former wealth management head Iqbal Khan to prevent him from taking clients and brokers to UBS. The report said the scandal tarnished the bank's reputation.
Stated objective. To ensure Iqbal Khan would not take clients and brokers to his new position at UBS.
Source excerpt
曾在三家公司担任首席执行官10多年的首席运营官Pierre-Olivier Bouee曾下令调查前财富管理负责人Iqbal Khan，以确保他不会为自己在瑞银集团的新职位挖走客户和经纪人。
这起丑闻震惊了苏黎世的金融圈，玷污了该行的声誉。
2014
Assistance with US tax evasion
Credit Suisse pleaded guilty in the United States to conspiring to help wealthy US clients evade taxes through Swiss accounts and related structures.
2006
Sanctions and concealed transactions
US authorities alleged that Credit Suisse helped conceal information in transactions involving Iran and other sanctioned jurisdictions; the bank paid a settlement.
1996
Holocaust-era dormant accounts controversy
Historical investigations and litigation examined Swiss bank accounts connected to Nazi victims and survivors seeking access to assets. Swiss banks later reached a major settlement with claimants.