Swiss financial giant Credit Suisse allegedly enabled wealthy individuals to hide more than $700 million from the IRS, the Senate Finance Committee found.
Senate probe findings worsened the Swiss investment bank s woes, pushing it to merge with regional rival UBS due to contagion from Silicon Valley Bank s collapse.
The report released on Wednesday found Credit Suisse had “violated key terms of its plea agreement,” in particular by not informing the DOJ when it moved close to $100 million from a previously undisclosed account belonging to a single US-Latin American family to other Swiss banks