Swiss bank secrecy that has helped the country in building a US$2 trillion offshore financial center has been under scanner in recent years as cash-strapped governments have sought to fight tax evasion.
According to Reuters, in a webcast of a presentation to a conference in New York, Finance Chief David Mathers said that Credit Suisse had already seen more than 30 billion francs in net outflows from mature offshore markets since 2009, part of it due to the tax disputes.
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Meanwhile Mathers also added that the industry outlook remained highly attractive, with strong asset inflows from emerging markets and into the bank’s onshore Swiss and international booking centers more than compensating for these losses.
In 2011, Credit Suisse had inflows into those segments to the tune of 45 billion francs, while the offshore mature markets unit recorded outflows of 8 billion francs.
As of end of June 2012, Credit Suisse wealth management had 774 billion francs in AUM.
Last year, Credit Suisse paid a fine of 150 million euros to end an investigation over allegations the bank and its employees helped rich Germans dodge taxes Reuters added.
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By GlobalDataFurther, responding to the concerns from the Swiss National Bank, the bank has announced deep cost cuts and a slew of measures to boost its capital.
Mathers stated that among those measures, Credit Suisse should be in a position to make announcements before the end of the year on plans for 1.1 billion francs of strategic divestments.
He also expects gains to be booked in 2012 from 500 million francs of planned real estate sales, with firm offers received for two major sites and other disposals close to signing, Reuters added.
