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Credit Suisse faces threat of new U.S. tax probe

ZURICH (Reuters) - Credit Suisse faces the threat of a new investigation into its role in helping wealthy Americans avoid paying taxes after New York state's top financial regulator requested documents from the Swiss bank. Switzerland's second-largest lender had raised expectations it was putting the long-running American tax controversy behind it when it set aside an extra half a billion dollars last week to deal with a U.S. Department of Justice probe into its involvement in offshore tax evasion.

NY bank regulator Lawsky seeks documents from Credit Suisse-source

(Reuters) - Benjamin Lawsky, New York's financial services superintendent, has sought documents from Credit Suisse to examine whether Switzerland's second-biggest bank lied to New York authorities about engineering tax shelters, said a source familiar with the matter. Switzerland's private banking model has been rattled to its core by a U.S. crackdown on tax evasion. Credit Suisse was told by the U.S. Department of Justice (DoJ) it was under investigation in 2011, while rival UBS admitted to helping U.S. taxpayers evade taxes.

Initial public offerings scheduled to debut next week

NEW YORK, N.Y. - The following is a list of initial public offerings planned for the coming week. Sources include Renaissance Capital, Greenwich, CT ( and SEC filings. Week of April 7: Adamas Pharmaceuticals Inc. - Emeryville, Calif., 3 million shares, priced $16 to $18, managed by Credit Suisse and Piper Jaffray. Proposed Nasdaq symbol ADMS. Business: Develops treatments for central nervous system disorders such as Parkinson's and Alzheimer's.

RBS appoints new finance chief from Credit Suisse

LONDON (Reuters) - Royal Bank of Scotland <RBS.L> has appointed a new finance director, poaching Ewen Stevenson from Credit Suisse <CSGN.VX> where he was co-head of investment banking for Europe the Middle East and Africa. In a statement on Friday RBS said Stevenson has been appointed Executive Director and Chief Finance Officer at the lender, starting in the new role on May 19.

RBS poaches Credit Suisse banker as finance chief

Britain's state-rescued Royal Bank of Scotland revealed Friday it has poached Credit Suisse banker Ewen Stevenson, a key advisor in the group's vast bailout, to be chief financial officer. RBS said in a statement that Stevenson, who is currently Credit Suisse's London-based co-head of investment banking for Europe, Middle East and Africa, will join on May 19. Stevenson, 47, was a senior member of the Credit Suisse team advising the British government in 2008 and 2009 on the recapitalisations of both RBS and Lloyds Banking Group.

Credit Suisse increases provision for U.S. tax deal

By Caroline Copley and Oliver Hirt ZURICH (Reuters) - Credit Suisse has increased the funds it has set aside to settle a U.S. tax dispute and avoid prosecution for helping wealthy Americans to hide cash from the taxman, raising the prospect it may be close to a settlement in the lengthy dispute.

Banks probed for alleged forex rigging

A group of investors and pensions funds have sued 12 international banks for allegedly manipulating foreign exchange markets to their favor, the Wall Street Journal reported. The suits were filed Monday night at a federal court in Manhattan, the paper said on its web site. The plaintiffs, based in the United States or the Caribbean, accuse the banks of communicating amongst themselves via text messages or emails to carry out an accord to rig forex prices, the Journal said.

Deutsche puts FX sales director in London on leave: source

By Jamie McGeever (Reuters) - Deutsche Bank AG, the world's largest currency trader, has placed on leave a director of institutional foreign exchange sales as part of an internal investigation into potential exchange rate manipulation, a source familiar with the matter said on Monday. Kai Lew, based in London and responsible for central bank FX business at the German lender, was placed on leave earlier this month, the source said.

Swiss competition watchdog opens probe into forex manipulation

ZURICH (Reuters) - Switzerland's competition commission WEKO said on Monday it had opened an investigation into several Swiss, British and U.S. banks over potential collusion to manipulate foreign exchange rates. WEKO said it is investigating UBS <UBSN.VX>, Credit Suisse <CSGN.VX>, Zuercher Kantonalbank (ZKB), Julius Baer <BAER.VX>, JP Morgan <JPM.N>, Citigroup <C.N>, Barclays <BARC.L> and Royal Bank of Scotland <RBS.L>.

Swiss competition authority investigates 8 banks on possible foreign exchange market-fixing

GENEVA - Switzerland's competition watchdog has launched an investigation into whether eight banks colluded to fix a foreign exchange rate. The Swiss Competition Commission says it is examining the two largest Swiss banks, UBS and Credit Suisse, along with Zurich Cantonal Bank, Julius Baer and foreign banks JP Morgan Chase., Citigroup, Barclays Bank and Royal Bank of Scotland Group.
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