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Report: NY regulator sent subpoena to Credit Suisse in tax probe

  • New York's bank regulator reportedly has sent a subpoena to Credit Suisse (CS -0.5%) demanding the bank turn over a wide range of materials from its NYC office, an escalation of its ongoing investigation into potential tax evasion.
  • The Department of Financial Services is said to have sent the subpoena last week, requesting documents, emails, hard drives, calendar entries and travel and expense reports for all bankers passing through the office; the subpoena also seeks human resource and compensation plans for the bankers.
  • Ben Lawsky and the agency has been investigating whether CS helped clients avoid paying state taxes; the bank also faces an ongoing federal probe over similar allegations.
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