Swiss looking for a scalp over Credit Suisse legal issues

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

"The credibility of Credit Suisse (CS -0.9%) managers is dead,” says the head of Switzerland's Social Democrats Christian Levrat, calling for the heads of CEO Brady Dougan and Chairman Urs Rohner. At issue is a nearing guilty plea and $1B-plus fine over U.S. charges the bank assisted clients in evading taxes.

At the bank's annual meeting last week, Rohner defended Dougan - the first American to serve as sole CEO of a Swiss firm - noting the misconduct at Credit Suisse started decades ago and what Dougan is trying to do is put these legacy issues in the past.

“Fish stinks from the head down, more precisely, that’s the head of CEO Brady Dougan,” said a shareholder at the meeting.