Credit Suisse

“Some Swiss-based private bankers went to great lengths to disguise their bad conduct from Credit Suisse executive management,” Dougan said at a Senate subcommittee hearing in Washington today. “While that employee misconduct violated our policies, and was unknown to our executive management, we accept responsibility for and deeply regret these employees’ actions.” [Bloomberg]

Group AG Chief Executive Brady Dougan is scheduled to testify Wednesday at a U.S. Senate subcommittee hearing on offshore tax evasion, a move that comes as the Swiss bank seeks to settle allegations it helped Americans evade their obligations. According to a witness list made public on Monday, Robert Shafir and Hans-Ulrich Meister, who jointly run Credit Suisse’s private banking and wealth management division, as well as Romeo Cerutti, the bank’s general counsel, will join Mr. Dougan at the hearing. A separate panel will include Kathryn Keneally, U.S. assistant attorney general for the Justice Department’s tax division. The hearing will focus on “efforts to hold Swiss banks and their U.S. clients accountable for unpaid taxes on billions of dollars in hidden assets,” according to a press release from the U.S. Senate Permanent Subcommittee on Investigations, which is conducting the hearing. [WSJ]

Multiply that by the 80 years since Switzerland passed its Banking Law of 1934, and you’ve got your settlement. Read more »

  • 22 Jan 2014 at 11:56 AM

Bonus Watch ’14: Credit Suisse

It’s compensation communication day at the House of Dougan. No word on numbers yet, but the early word is: “No one looks particularly thrilled so far…”

Like Bank of America, JP Morgan, and Goldman Sachs before it, Credit Suisse announced this week that analysts and associates will have some semblance of a weekend, moving forward. Unlike JP Morgan’s monthly “protected” weekend and BofA’s “take the number of UNAUTHORIZED weekend days you were previously working and cut it in half,” Credit Suisse has chosen to adopt the Goldman Sachs 36-hour weekend model, unless of course urgent work needs to be done, in which case, consider your ass glued to that desk. Read more »

  • 13 Jan 2014 at 4:31 PM

Bonus Watch ’14: Everyone

Pay predictions for Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, RBS, UBS. Read more »

As a general rule, most people working on Wall Street (and working anywhere, really) try to avoid spending time with the HR professionals in their office. When face-time is required, it is usually because a) you need to watch an instructional video* on what is considered appropriate workplace behavior, and what is considered sexual harassment, as there have been complaints or b) you’re getting fired. Just the sight of an HR staffer on one’s floor will send shivers down the spine, which is why locking eyes with these people is to be avoided at all costs; god help the person who is asked to come have chat “in the conference room.”

An exception to the rule of maintaining a safe distance between oneself and anyone hailing from HR is probably Credit Suisse’s Michael Tshiyoyo, with whom a midday meeting will go something like this: Read more »