The US Federal Reserve has barred five former private bankers and senior managers of Credit Suisse from the banking sector over their role in tax evasion.
The employees include Markus Walder, Marco Parenti Adami, Susanne Ruegg Meier, Michele Bergantino and Roger Schaerer.
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The five have been indicted over defrauding the US government by helping wealthy Americans dodge federal income taxes through the creation and maintenance of bank accounts, which were not declared to US tax authorities.
Walder supervised teams of private bankers in Switzerland and Credit Suisse’s New York representative office.
Adami, Meier, and Bergantino served as private bankers, and offered banking and investment advice to US customers with undeclared Swiss bank accounts. Schaerer, who served as the bank’s senior representative in the US, ran the New York representative office.
The Federal Reserve said that continued participation by the five employees with a depository institution "would impair public confidence in the institution."
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By GlobalDataThe restriction on the five employees will be effective indefinitely till the dismissal of criminal charges brought against them.
