New York’s top banking regulator is examining whether Credit Suisse’s private banked assisted clients in the evasion of their taxes. William Wesnofske reports.
Beginning last month, Benjamin Lawsky, superintendent of New York’s Department of Financial Services, reportedly sought records from the firm’s New York operations. He is also investigating the former top manager at the New York office, Roger Schaerer, along with executives who worked with Schaerer.
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Credit Suisse has been looking to resolve an earlier federal investigation of its alleged role in helping American clients evade taxes. The probe forced the bank to book over US$1 billion in legal provisions.
