U.S. officials have been talking about “criminal misconduct” for years: Credit Suisse is in trouble again.
Credit Suisse’s U.S. pension fund business is in jeopardy. Officials are currently investigating whether the big bank can continue to do business in the area. You have been talking about criminal misconduct for years.
Credit Suisse (CS) cannot get out of the negative cycle. A month ago, the bank announced that it had lost a court case in Bermuda. In this case, he expects to be fined more than $ 500 million. Finally, CS announced on Wednesday that it expects to be red – in the first quarter of 2022 – due to litigation rules.
Now more black clouds are gathering on the horizon of the big coast, this time from the United States. The Bloomberg News Agency first announced on Thursday, US officials are currently reviewing whether Credit Suisse can continue its business in the pension fund. In particular, the Ministry of Labor is questioning the status of the CS, also known as the Qualified Professional Property Manager (QPAM).
“Proper Criminal Misconduct”
Although the authority has extended the relevant position of the bank for one year, it continues to check its competence. In the official U.S. Federal Gazette, the Department of Labor describes CS as “serious, long-term, systematic criminal misconduct” for “penalties and other alleged criminal misconduct.” It said it “raises fundamental questions about whether the QPAMs associated with Credit Suisse are adequately integrated.”
In 2014, the CS acknowledged that it had helped American citizens evade taxes. As a result, the big bank had to pay a $ 2.6 billion fine and file an application with the Department of Labor to continue managing the U.S. pension fund. CS was given a one-year extension, followed by a five-year discount.
At the request of CH Media, Credit Suisse did not wish to comment further on the most recent selection of U.S. officials.
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