Report - C Suisse execs clashed

The Clash In Oslo

Disagreement at senior levels.

The Financial Times reports that former head of Credit Suisse’s private bank for the Americas told government investigators he had clashed with superiors about the bank’s disclosures to a tax evasion probe, said people with direct knowledge of the situation.

The claim suggests there was disagreement at senior levels of Credit Suisse over its handling of an investigation for which it has set aside almost $1bn for legal provisions. The bank has not settled with investigators, and still faces the threat of criminal charges.

Internal emails seen by the FT support the claim by Anthony DeChellis, who had met the US Department of Justice and a Senate subcommittee on the bank’s behalf once before. His decision to take his concerns to investigators came in April 2013, shortly after he was told the bank wanted to move him from his job.

DeChellis was concerned the documents showed that the alleged tax evasion efforts spread beyond a small group of former bankers whom Credit Suisse blamed for the misdeeds.

Hit the link below to access the complete Financial Times article:

Credit Suisse executives clashed on tax probe

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