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Credit Suisse cuts travel for Germany bankers

Bank Credit Suisse has heavily restricted the travel of its advisors that deal with German clients.

The Zurich-based bank confirmed the move, according to articles published in two Swiss newspapers on Sunday.

Prosecutors in the city of Dusseldorf last week said they had evaluated a stolen CD containing information on German nationals with accounts in Switzerland. They have initiated investigations into around 1,100 people.

Among those implicated are the bank’s customers and staff. German authorities are after around €1.2 billion (SFr1.72 billion).

Former German Finance Minister Hans Eichel told the SonntagsBlick newspaper authorities should also act against the bank itself, investigating whether facilitating tax evasion was part of its business model in Europe’s largest economy.

“If a company does not respect the laws of the land, it cannot be working here,” said Eichel.

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