Pressure on Credit Suisse boss Brady Dougan to quit shows no signs of abating in Switzerland following this week's $2.5bn settlement with the U.S. authorities over charges that it helped Americans evade taxes by hiding their assets in secret bank accounts.
Reuters reports that the bank's board has backed the American chief executive over the deal, under which Credit Suisse pleaded guilty to criminal charges but held onto its New York licence and its legally protected client data.
However, that matters little in Switzerland, where banking privacy is embedded in its culture and identity and UBS and Credit Suisse are seen as the twin pillars of a banking industry which accounts for 6% of the country's gross domestic product.
As a result, executives like Dougan, a 24-year veteran of Credit Suisse, and UBS boss Sergio Ermotti are subject to intense public scrutiny. More than 78% of newspaper Tages-Anzeiger's readers felt both Dougan and his boss, chairman Urs Rohner, should step down.
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