The news organisation reports that bank CEO Stuart Gulliver told employees Tuesday: 'We failed to spot and deal with unacceptable behavior. It is right that we be held accountable and that we take responsibility for fixing what went wrong'.
Europe’s largest bank will be questioned by U.S. lawmakers about two weeks after a record fine was levied against Barclays Plc (BARC) for rigging interest rates and its ex-CEO Robert Diamond was grilled in the U.K. HSBC, which has doubled spending on compliance since 2010 to curtail illicit money transfers, may also face a 'hefty fine', Mizuho Securities Asia Ltd. said.
Finally, Reuters reports that Credit Suisse has said it believed it was exempt from prosecution for helping Germans evade taxes following a deal last year, after a German newspaper reported that clients of the Swiss bank were being probed.
A spokesman for the bank referred to a $184m deal struck last September, which ended an investigation into Credit Suisse and its employees over allegations they helped Germans dodge taxes.
image: © Howard Lake