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February 26, 2014updated 04 Apr 2017 2:28pm

Credit Suisse admits ‘misconduct’

Switzerland's second largest bank, Credit Suisse, has blamed employees for 'misconduct' during the United States' Senate's investigation into the bank's practices.

By Patrick Brusnahan

Switzerland’s second largest bank, Credit Suisse, has blamed employees for ‘misconduct’ during the United States’ Senate’s investigation into the bank’s practices.

The report, written by senators john McCain and Carl Levin, contains the results of a two year investigation and suggests that there were ‘nearly 19,000 US customers with hidden Swiss assets totalling nearly $5 billion.’

Among the bank’s shadowy tactics included secretly finding clients without a paper trail at sponsored events and hiring intermediaries to create offshore shell companies.

In a statement, the bank said: "Credit Suisse acknowledges that misconduct, centred on a small group of Swiss-based private bankers, previously occurred at our bank." They also insisted that the bank management had been unaware of the misdeeds.

Chief executive Brady Dougan will face the senate later today.

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