US officials accuse Credit Suisse of “criminal misconduct”.

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Banks

US officials have been talking about “criminal misconduct” for years: Credit Suisse is in trouble again.

Credit Suisse’s pension fund business in the United States is under threat. Authorities are currently investigating whether the major bank can continue to do business in the region. You’ve been talking about criminal misconduct for years.

In the United States, CS’s pension fund business is under intense scrutiny. (Archive)

The main stone

Credit Suisse (CS) cannot exit the negative cycle. A month ago, the bank announced that it had lost a lawsuit in Bermuda. In this case, he expects a fine of more than 500 million dollars. Finally, CS announced on Wednesday that it expects to be red – in the first quarter of 2022 – due to litigation rules.

Now, more dark clouds are gathering on the horizon of the great coast, this time from the United States. The Bloomberg news agency first reported on Thursday that US officials were currently considering whether Credit Suisse could continue its activities in the pension fund. In particular, the Ministry of Labor questions the status of CS, also called qualified professional property manager (QPAM).

“Appropriate Criminal Misconduct”

Although the authority has extended the relevant post of the bank for one year, it continues to verify its competence. In the official U.S. Federal Gazette, the Department of Labor describes CS as “serious, long-term, and systematic criminal misconduct” for “penalties and other alleged criminal misconduct.” He said this “raises fundamental questions about whether the QPAMs associated with Credit Suisse are properly integrated.”

In 2014, the CS admitted to having helped American citizens to evade taxes. As a result, the big bank had to pay a $2.6 billion fine and file a request with the Department of Labor to continue managing the US pension fund. CS was granted a one-year extension, followed by a five-year postponement.

At the request of CH Media, Credit Suisse declined to comment further on the latest selection of US officials.

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