Credit Suisse

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Swiss Bank: Yep, We Helped Americans Duck Taxes

Credit Suisse pleads guilty in Justice Department case

(Newser) - Credit Suisse AG has pleaded guilty to helping wealthy Americans avoid paying their taxes through offshore accounts, CNN Money reports. A person familiar with the matter said the European bank has agreed to pay about $2.6 billion in penalties, which will apparently be paid to the Justice Department and... More »

'Too Big to Jail' No More? Feds Ready to Charge Banks

After regulators promise not to kill Credit Suisse, BNP

(Newser) - US prosecutors are preparing criminal charges against Credit Suisse and BNP Paribas, in the hopes of securing the first guilty plea from a big bank since 1989—and stemming criticism that the banks are too powerful to prosecute, the New York Times reports. Credit Suisse is suspected of providing a... More »

Bank's 'Spy Novel' Tactics Hid US Tax Dodgers' Billions

And Justice Dept. did little to respond, per Senate report on Credit Suisse

(Newser) - Swiss bank Credit Suisse helped thousands of Americans keep as much as $12 billion in assets tucked away from the eyes of the IRS, a Senate report out yesterday alleges—and the bank used some unconventional techniques in the process, including once hiding bank statements in a copy of Sports ... More »

Now 16 Banks Subpoenaed in Libor Mess

Bank of America, Credit Suisse drawn into probe

(Newser) - Add nine more top banks to the list of subpoenas in the Libor scandal: Bank of America, Credit Suisse, Bank of Tokyo Mitsubishi, Lloyds Banking Group, Royal Bank of Canada, Rabobank, Societe Generale, Norinchukin Bank, and West LB were all handed subpoenas in August and September, the Wall Street Journal... More »

Banker Busted for Role in Financial Crisis

Ex-Credit Suisse exec faces extradition to US

(Newser) - A former Credit Suisse banker accused of contributing to the 2008 financial crisis in an effort to boost his bonus has been arrested in Britain and faces extradition to the US. Kareem Serageldin, who was arrested outside the US Embassy in London, allegedly inflated the values of mortgage-backed securities as... More »

Big Banks Slashing More Jobs

Bank of America, Credit Suisse announce new cost cuts

(Newser) - Even bankers aren't safe in the current job market, with Bank of America and Credit Suisse Group both announcing new cost cutting initiatives yesterday, the Wall Street Journal reports. Bank of America, which was already aggressively cutting jobs , said it wanted to cut another $3 billion from its investment... More »

Moody's Slams BofA, Citigroup With Downgrades

JPMorgan and Goldman Sachs also walloped by rating agency

(Newser) - Moody's warned that the ax was coming , and today it came. The credit rating agency downgraded 15 major financial firms today in a move that is sure to hurt their bottom lines and rattle markets, the New York Times reports. Moody's knocked Credit Suisse down by three levels,... More »

Feds to Charge Crooked Bond Traders

Ex-Credit Suisse traders accused of bonus-boosting fraud

(Newser) - Looks like it's payback week: Federal prosecutors are planning to file fraud charges against four former Credit Suisse traders accused of overstating the value of mortgage securities in order to boost their bonuses, the Wall Street Journal reports. The alleged fraud happened in early 2008 as problems with complex... More »

Wall Street Bonuses to Plummet

Falling revenues behind expected 40% plunge

(Newser) - The latest news from Wall Street is likely to leave most ordinary Americans dry-eyed. Year-end bonuses for bankers and traders are expected to be down sharply this year, plunging up to 40% to their lowest level since the financial crisis, according to a closely watched industry forecast. A bond trader... More »

Credit Suisse to Out US Tax Cheats

Move is in response to an IRS request

(Newser) - Heads up, mafiosos and unscrupulous millionaires: Credit Suisse AG intends to give you up to the tax man. Of course, you probably already knew that, because the bank sent notification letters to various US clients suspected of tax evasion last week warning them that it would soon hand over their... More »

Wall Street Will Lose 10K Jobs

New York comptroller predicts blow to economy

(Newser) - It looks like a lot of Wall Street denizens will be joining the ranks of the unemployed soon, New York’s state comptroller warns in a report released today, predicting that the securities industry will shed nearly 10,000 jobs by the end of 2012. The industry has already cut... More »

Credit Suisse Cuts 5,300 Jobs, 11% of Workforce

Investment banking unit takes major hit as bank joins rush to cut expenses

(Newser) - Switzerland’s second largest bank, Credit Suisse, is slashing 5,300 jobs—11% of its global workforce—after posting a $2.48 billion loss in the first two months of this quarter, reports the Wall Street Journal. Most of the cuts will come from its moribund investment banking unit as... More »

Swiss Offer UBS $60B Bailout

Troubled banking giant will get capital injection, offload bad debts

(Newser) - Switzerland became the latest nation to shore up struggling banks, reports the Telegraph, as it bailed out UBS to the tune of $60 billion today. The Swiss central bank will offer UBS a capital injection of $6 billion in exchange for 9% of the company, and it will allow UBS ... More »

Global Stocks Surge on Credit-Market Moves

New Treasury plans also boost market

(Newser) - World stocks jumped today on government measures to stop the credit-market meltdown and news that the US and the UK were getting tough on short sellers, Bloomberg reports. Deutsche Bank and Credit Suisse climbed 15% after four days of decline in Europe, while Australia’s Macquarie surged 38% after the... More »

10 Banks Form $70B Fund to Stave Off Crash

Paulson brokers twin public-private liquidity measures

(Newser) - Ten of the world's largest banks have formed a massive liquidity fund to mitigate the effects of the Lehman Brothers meltdown, reports the Financial Times. All the investment banks will be able to borrow up to a third of the $70 billion fund in order to reduce volatility and stay... More »

Feds Charge Brokers in $1B Subprime Fraud

Credit Suisse pair told clients debt backed by student loans, not risky mortgages: SEC

(Newser) - Federal regulators today charged two Wall Street brokers with defrauding their customers by making more than $1 billion in unauthorized purchases of securities tied to subprime mortgages. The Securities and Exchange Commission alleges the Credit Suisse Securities employees led corporate customers to believe that securities being purchased in their accounts... More »

Cuckold's Web Vendetta Wrecks Banker's Career

Bitter online campaign pays off when ex-wife's disgraced lover resigns

(Newser) - The resignation last week of a top Wall Street banker, supposedly to “spend more time with his family,” was actually the result of a successful Internet vendetta by the cuckolded husband of a woman with whom Steve Rattner had had an affair. Rattner tells the New York Times... More »

Credit Suisse Posts $2.1B Loss

$5.2B in writedowns shake Swiss banking group

(Newser) - Credit Suisse has announced it lost a mammoth $2.1 billion in the first quarter, reports the Financial Times. The Swiss banking group, which until recently appeared to have escaped the worst of the credit crunch, continued to post strong earnings from its private banking sector—but that wasn't enough... More »

Clear Channel, Buyers Sue Banks Over Soured Deal

Equity firms claim lenders backtracked on financing takeover of broadcast giant

(Newser) - The two private-equity firms set to buy Clear Channel sued the group of banks they had engaged to fund the deal, the Wall Street Journal reports. Joined by Clear Channel, Bain Capital and Thomas H. Lee Partners accused the consortium—including Citigroup, Deutsche Bank, and Wachovia—of breaching contract by... More »

Credit Suisse Warning Revives Rogue Trader Fears

'Intentional misconduct' behind billions in writedowns

(Newser) - Investment banks got a brief lift from Wall Street results this week, but surprising reports from Credit Suisse are likely to send their confidence back into the basement, the Financial Times reports. The Swiss firm issued an unexpected first-quarter profits warning yesterday—and said “intentional misconduct” from its own... More »

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