A U.S. investigation into whether Credit Suisse hired referrals from government agencies in Asia in exchange for business poses another reputational hurdle for CEO Tidjane Thiam as the Swiss bank enters the final stretch of a three-year turnaround plan.
Reuters reports that Credit Suisse said on Wednesday that it was in contact with the U.S. Department of Justice and the U.S. Securities and Exchange Commission (SEC) about its hiring in Asia because of potential violation of U.S. foreign corruption law.
The revelation comes just a week after Credit Suisse terminated a publicly traded product betting on future stock index swings after its value plunged during a market rout.
On Wednesday, as the bank announced its third consecutive annual loss, its chief executive played down the fallout from that product’s collapse.
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