Credit Suisse Investigated in United States for Asian Hiring Practices
Credit Suisse is under investigation by the Department of Justice and the US Securities and Exchange Commission (SEC) in the United States for hiring children and relatives of influential Chinese policymakers. The bank is being investigated if they had hired referrals from government agencies or state owned entities in exchange for investment banking business, which is violation of the US Foreign Corrupt Practices Act and related civil statutes.
“ Credit Suisse investigated for hiring children & relatives of influential Chinese policymakers “
The investigation was disclosed in Credit Suisse 2017 results announcement. In 2016, JP Morgan Chase had agreed to pay US$264 million to the US government to settle allegations that it had hire relatives (sons & daughters) of officials and to increase their chance of gaining businesses. In 2017, HSBC also disclosed that it was being investigated by SEC in its result announcement.
About Credit Suisse
Founded in 1856, we today have a global reach with operations in over 50 countries and 48,200 employees from over 150 different nations. Our broad footprint helps us to generate a geographically balanced stream of revenues and net new assets and allows us to capture growth opportunities around the world. We serve our clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specializing in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with our strategic direction. Our business divisions cooperate closely to provide holistic financial solutions, including innovative products and specially tailored advice.
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