Credit Suisse’s CEO is hitting back at a Senate panel’s claim that the banking giant helped thousands of U.S. customers dodge taxes, saying a 'small group' of the firm’s employees hid their 'bad conduct' from executives and that the panel’s report incorrectly assumed every American client’s account was hidden.
MarketWatch reports that Brady Dougan told senators in written testimony that the bank’s internal investigation found 'scattered evidence' of improper conduct by some private bankers who only traveled to the U.S. once or twice a year.
Dougan and other Credit Suisse executives are testifying Wednesday in response to a Senate investigation subcommittee report that the bank helped more than 22,000 U.S. customers avoid paying U.S. taxes.
The Senate’s report details tactics used by bankers to recruit U.S. clients, including what Senator Carl Levin, the Michigan Democrat who heads the panel, called 'cloak and dagger' methods – including offshore shell entities.
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