© Reuters.
The U.S. Department of Justice (DOJ) has reportedly issued wide-ranging subpoenas to Credit Suisse, suspecting the bank of aiding Russian clients in evading sanctions, as per Bloomberg News on Wednesday. The parent company of Credit Suisse, UBS, is also under scrutiny for compliance-related concerns.
The investigation has led to a significant reaction in the market. Notably, the stock of UBS fell by 5% in premarket trade on Wednesday. However, neither Credit Suisse nor UBS has released an official statement regarding the matter or the DOJ’s investigation.
This development marks a new chapter in the ongoing regulatory scrutiny faced by major global banking institutions. The findings of this investigation could potentially have significant implications for both Credit Suisse and UBS, depending on the extent and severity of any violations discovered.
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