Now US authorities suspect that both banks are helping to evade Western sanctions. This was reported by the Bloomberg news agency on the basis of sources. Both banks have already received subpoenas from the US government. This would have happened before Credit Suisse was taken over by UBS. Even the employees of some large banks in the US would have received a summons.
The Justice Department is currently conducting an investigation to identify bank employees who have been in contact with sanctioned customers and to determine how these customers have been monitored in recent years. Affected bankers and advisors may then be subject to further investigation to determine whether they have violated the laws.
Substantial income from Russians
Bloomberg asked Credit Suisse for comment, but the bank declined to comment. UBS also did not respond to a request for comment. Before the extensive sanctions against Russia were imposed due to the Russian invasion of Ukraine, Credit Suisse was known as a bank that had many wealthy Russians as clients. At its peak, the bank managed more than $60 billion (€56 billion) for Russian clients. These clients brought in Credit Suisse between $500 million and $600 million in revenue annually.
When Credit Suisse closed its business with individual Russian clients in May last year, the bank still held about $33 billion from those clients. This was fifty percent more than the amount held by Credit Suisse’s biggest competitor, UBS.