Article: Credit Suisse Basically Headquartered In Court These Days

Article - Media, Publications

Credit Suisse Basically Headquartered In Court These Days

JON SHAZAR, 30 April 2021

Thomas Gottstein has been CEO of Credit Suisse for 63 weeks. There is no doubt that the overwhelming majority of them, and indeed all of the last eight or so, have been waking nightmares. Surely, however, there have been some consecutive five-day calendrical periods that he has enjoyed the job he has presumably been pining and preparing for most if not all of his professional career, some Fridays when he walked out of his office with a genuine spring in his step and ability to enjoy the weekend as much as any Swiss can enjoy such a frivolity.

This was not that week.

Bank of America Corp. Credit Suisse Group AG and Credit Agricole SA were fined about 28.5 million euros ($34 million) by European Union regulators for colluding in chatrooms on trading of U.S. supra-sovereign, sovereign and agency bonds. Continue reading “Article: Credit Suisse Basically Headquartered In Court These Days”

Article: BofA Hit Hardest as EU Fines Bond-Trading Trio $34 Million

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BofA Hit Hardest as EU Fines Bond-Trading Trio $34 Million

Aoife White, 28 April 2021

Bank of America Corp. Credit Suisse Group AG and Credit Agricole SA were fined about 28.5 million euros ($34 million) by European Union regulators for colluding on trading of U.S. supra-sovereign, sovereign and agency bonds.

Bank of America got the largest individual penalty of 12.6 million euros, while Credit Suisse was fined 11.9 million euros and Credit Agricole was ordered to pay more than 3.9 million euros. Deutsche Bank AG participated in the cartel but dodged a potential penalty of about 21.5 million euros because it was the first to inform the EU about the illegal behavior. Continue reading “Article: BofA Hit Hardest as EU Fines Bond-Trading Trio $34 Million”

Article: Major Banks Suspected of Collusion in Bond-Rigging Probe

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Major Banks Suspected of Collusion in Bond-Rigging Probe

Patricia Kowsmann and Margot Patrick, 20 December 2018

The European Commission suspects Deutsche Bank AG , Credit Suisse Group AG, Crédit Agricole SA and another global bank of colluding to manipulate a multi-trillion-dollar government-backed bond market, escalating a long running probe.

The European Union’s executive arm, which opened the investigation almost three years ago, said in a statement Thursday that banks will now lay out their defenses. If found guilty, they could face a fine of up to 10% of their annual world-wide revenue. Continue reading “Article: Major Banks Suspected of Collusion in Bond-Rigging Probe”