Regulator won't 'rubber stamp' C Suisse agreement

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The U.S. Labor Department is one regulator that hasn’t immediately fallen into line to give Credit Suisse a pass following its May 19 guilty plea for helping Americans evade taxes.

Bloomberg News reports that now Credit Suisse needs a waiver from the Labor Department to retain its status as a qualified professional asset manager, or QPAM.

Otherwise, it will automatically lose that privilege after its August 12 sentencing. Under pressure from prosecutors, the Federal Reserve Bank of New York and the Securities and Exchange Commission have already shown the bank some leniency.

The Labor Department, which oversees $7.9tril in pensions, “is not a rubber stamp', said Michael Trupo, a spokesman. 'This is a very serious matter, and we are closely monitoring the situation'. Credit Suisse declined to disclose the amount of public and private pension assets that could be affected by the ruling.

To access the complete Bloomberg News article hit the link below:

Credit Suisse Needs U.S. Nod on Pension Work After Charge

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