Credit Suisse, Bank Sarasin and Julius Baer in the News (7/24/11; 7/27/11)

Reuters reports that there is little appetite in the Swiss Government to help Credit Suisse avoid the U.S. juggernaut the way it assisted UBS by authorizing turnover of information and documents on U.S. depositors.

The report also says that "The [U.S.] investigation against Credit Suisse has also prompted Swiss private banks Bank Sarasin and Julius Baer to ban staff from travelling to the United States." Bank Sarasin spokesman is quoted as saying: "It's about protection. So the bank and its employees will be protected from investigations and arrests."

Articles:
Reuters Report: Credit Suisse unlikely to get help over U.S tax probe (Reuters 7/24/11).

Addendum 7/27/11:  A commenter posted this article: Marie-Christine Bonzom in Washington, Credit Suisse “worse off” than UBS in the US, (sissinfo.ch 7/27/11).  The author of the article paints a gloomy picture for Credit Suisse.  Among the items covered are:

“The very serious allegations against Credit Suisse relate to a wider range of conduct extending beyond a tax conspiracy into a broader range of criminal activity,” Michel of the Washington firm Caplin & Drysdale told swissinfo.ch.
“These are not just allegations that a Swiss bank opened accounts that they knew would not be reported to the IRS [Internal Revenue Service], there are also allegations that employees of the bank lied to the Federal Reserve, engaged in destruction of records, helped people try and evade DOJ [Department of Justice] investigation and provided unlicensed banking services to customers,” the lawyer representing some 30 Credit Suisse clients said.

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