Credit Suisse distances top management from tax-dodging claims

|About: Credit Suisse Group AG (CS)|By:, SA News Editor

Credit Suisse's (CS) most senior executives weren't aware that its staff was helping American citizens dodge U.S. taxes, the bank said today.

CEO Brady Dougan will tell a Senate hearing later that the "employee misconduct violated our policies," adding that the bank takes full responsibility for its workers' actions.

A Senate report yesterday accused Credit Suisse of opening Swiss accounts for over 22,000 U.S. customers with combined assets of up to $12B.

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Meanwhile, Credit Suisse intends to increase assets under management at its Japanese private-banking business with a new multi-asset product for clients with over ¥1B ($10M) in personal financial assets. The plan contrasts with the likes of Societe Generale and Merrill Lynch, which have abandoned private-banking in Japan.