Credit Suisse said top executives were unaware that employees were helping U.S. citizens break tax laws.
'While that employee misconduct violated our policies, and was unknown to our executive management, we accept responsibility for and deeply regret these employees’ actions', the bank said in a written testimony to be delivered by Chief Executive Officer Brady Dougan to a U.S. Senate committee hearing Wednesday.
Bloomberg reports that Credit Suisse helped American clients hide as much as $10bn in assets from the Internal Revenue Service, more than double the amount previously known, according to a U.S. Senate committee report released Tuesday. The report criticized the bank for failing to discipline any senior executives in the face of widespread tax evasion fostered by 1,800 Credit Suisse employees serving U.S. clients.
Evidence from an internal investigation 'showed that some Swiss-based private bankers went to great lengths to disguise their bad conduct from Credit Suisse executive management', the company said in the e-mailed testimony.
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