Nobody Screws the U.S. Out of Taxes, Especially the Swiss (CS) (UBS)
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Following an announcement that it was trimming its workforce by 1,000, Credit Suisse (NYSE: CS) is the subject of more bad news today.
The U.S. Department of Justice, commonly known for not being extra nice to corporations, has launched an investigation into Credit Suisse over former cross-border private banking services to U.S. customers.
Credit Suisse was informed of the probe yesterday. The firm stated it will continue to cooperate with U.S. authorities.
An investigation into Credit Suisse stems from the untaxed assets held by U.S. citizens in Swiss bank accounts.
Amid the news, one analyst says that it is unclear whether or not the investigation will lead to litigation and a fine.
The probe follows a 2008 investigation launched by the U.S. into UBS (NYSE: UBS), under allegations of UBS helping Americans to evade taxes.
Credit Suisse shares are down about 0.5 percent early.
The U.S. Department of Justice, commonly known for not being extra nice to corporations, has launched an investigation into Credit Suisse over former cross-border private banking services to U.S. customers.
Credit Suisse was informed of the probe yesterday. The firm stated it will continue to cooperate with U.S. authorities.
An investigation into Credit Suisse stems from the untaxed assets held by U.S. citizens in Swiss bank accounts.
Amid the news, one analyst says that it is unclear whether or not the investigation will lead to litigation and a fine.
The probe follows a 2008 investigation launched by the U.S. into UBS (NYSE: UBS), under allegations of UBS helping Americans to evade taxes.
Credit Suisse shares are down about 0.5 percent early.
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