Why the World Should Care About Credit Suisse’s Downfall

Switzerland’s secret bank accounts and political neutrality turned the small Alpine nation into a financial giant. Now the demise of Credit Suisse, one of its two big banks, has shaken global finance and created a megabank in UBS that comes with new and potentially bigger risks. 

Bloomberg journalists trace the history of Swiss banking and how the ramifications of the Credit Suisse crisis extend far beyond the country’s borders.

Credit Suisse: what next for the crisis-hit bank?

The Credit Suisse story is about how finance went wrong at one of Switzerland's most important institutions and one of the most important banks in Europe. It's a tale of high-profile scandals, from corporate espionage to cocaine smugglers and oligarchs. But what does the future hold for the venerable institution? Credit Suisse's new chairman, Financial Times reporters and banking industry experts explain it all.

BNP Fine Spotlights Banks’ Need for In-House Police Force

From Bloomberg

‘ “It’s actually a very hot market right now,” said Mike Roemer, who became head of compliance at London-based Barclays Plc (BARC) in January. Today the role is seen “as an integral part of how companies manage the overall risk of the organization,” he said.

After the U.S. extracted almost $12 billion in fines in settlements with France’s BNP Paribas SA (BNP) and Zurich-based Credit Suisse Group AG (CSGN) since May, European firms say they’re overhauling culture and boosting pay for compliance staff faster than for revenue-earning bankers. Still lawyers question whether this will be enough to deter future misdeeds as authorities around the world probe alleged manipulation of interest rate, foreign exchange and gold benchmarks.’

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Credit Suisse pleads guilty to helping 'tax cheats'

From BBC

“The Swiss banking giant Credit Suisse has pleaded guilty to helping some US clients avoid paying taxes to the US government and agreed to pay a $2.6bn (£1.5bn) fine.

It is the biggest bank to plead guilty to criminal charges in the US in more than 20 years.

US attorney general Eric Holder said the bank helped US "tax cheats dodge US taxes".

Credit Suisse said in a statement it deeply regretted the past misconduct. The bank said the settlement would reduce its second-quarter net profit by 1.6bn Swiss Francs ($1.8bn; £1bn). However, as part of the agreement with US regulators, the bank will not lose its banking license in the US.”

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