Credit Suisse has informed over 1,000 employees that their names are being handed over in the course of investigations by the US into tax evasion in Swiss bank accounts. Former and current client advisors who processed payment authorisations for US clients are those affected.This content was published on July 10, 2014 - 18:09
The bank’s employees received emails and letters in recent days telling them what was happening.
Like numerous other banks, Credit Suisse has had to pass on information of this kind since an agreement was reached between the Swiss cabinet and the US Department of Justice in August 2013.
Mario Tuor, spokesperson for Switzerland's State Secretariat for International Financial Matters in Bern, commented that many Swiss banks were in negotiations to come to an out of court settlement with the US authorities over helping US clients avoid paying taxes.
To allow banks to comply with the US programme, they were allowed to disclose information about their American business operations, apart from details of clients or their accounts.
Former and current employees who are involved have to be given prior warning to allow them to engage legal assistance. They have until July 28 to lodge an objection.
The Swiss Bank Employees Association said staff from a number of financial institutions had contacted them for advice, but their responses were individual, not general.
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