Credit Suisse Accused of Aiding Rich Americans in Tax Evasion
Credit Suisse violated a 2014 plea deal by helping wealthy Americans evade taxes, according to a two-year investigation by the U.S. Senate Finance Committee. The bank failed to disclose nearly $100 million in secret offshore accounts belonging to U.S. taxpayers, which the committee said represented an "ongoing and potentially criminal conspiracy". Credit Suisse has denied the allegations and said it has been cooperating with U.S. authorities. UBS has agreed to a rescue takeover of Credit Suisse and has rehired Sergio Ermotti as CEO to steer the takeover and reassure wealthy clients.