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Credit Suisse admits tax 'misconduct', but blames employees

Published on Feb 26, 2014 10:03 PM

GENEVA (AFP) - Switzerland's second largest bank, Credit Suisse, accused by Washington of helping US clients hide billions from the taxman, acknowledged on Wednesday there had been "misconduct" by some of its employees but said management was unaware.

"Credit Suisse acknowledges that misconduct, centred on a small group of Swiss-based private bankers, previously occurred at our bank," it said in a statement submitted to the US Senate, insisting that the bank management had been unaware of the misdeeds.

The document, obtained by AFP, included the statement Credit Suisse chief Brady Dougan was set to give before a US Senate panel later on Wednesday, a day after a scathing Senate inquiry showed his bank had used elaborate measures to help some 19,000 wealthy US clients evade taxes.

"We deeply regret that, despite the industry-leading compliance measure we have put in place, before 2009, some Credit Suisse private bankers appear to have violated US law," the statement said, citing a "broad and deep" independent investigation commissioned by the bank.

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