Credit Suisse (CS) and UBS are among a list of banks being investigated by the US Department of Justice, in order to see if suspicions were raised about helping circumvent Russian oligarchic sanctions, according to informed sources contacted by Bloomberg.
The US government had already requested information, through subpoenas, to the two Swiss banks, and the requests were sent before the Credit Suisse purchase agreement was announced by UBS.
In addition to the workers of the two Swiss giants, subpoenas have also been sent to other US banks, which employees are suspected of helping evade sanctions. The investigation by the US Department of Justice is focused on finding bankers who worked with the sanctioned oligarch, and investigating the way the former were treated.
As soon as there are suspicions, an investigation is opened against the bank employees. Neither Credit Suisse nor UBS responded to questions posed by Bloomberg.
Prior to the Russian invasion of Ukraine, Credit Suisse was known for “financial food” for Russian millionaires. At the height of this relationship with the oligarch, the bank now led by Ulrich Korner managed more than $60 billion in assets held by Russians, which generated annual revenues of between $500 million and $600 million.
When Credit Suisse decided in May last year to close this “catering”, it held $33 million, about 50% more than the assets managed by UBS.
Credit Suisse shares continued to fall, down 8.04% 0.74 Swiss francs, While UBS notes are down 7.6% 16.55 francs.
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