Credit Suisse Group AG (NYSE:CS) said it “strongly rejects” allegations of wrongdoing after a huge leak of data revealed the records of thousands of clients stretching back decades, leading to allegations that clients included human rights abusers and businessmen who were under sanctions
Information on thousands of accounts was leaked to Germany’s Sueddeutsche Zeitung, which shared it with the Organized Crime and Corruption Reporting Project and 46 other news organisations including the Guardian and the New York Times.
The New York Times said the leaked data covered more than 18,000 accounts collectively holding more than US$100bn.
"Credit Suisse strongly rejects the allegations and insinuations about the bank’s purported business practices,” Credit Suisse said last night in a statement.
“The matters presented are predominantly historical, in some cases dating back as far as the 1940s, and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context, resulting in tendentious interpretations of the bank's business conduct.”
The bank said it had already reviewed many of the accounts covered by the leak in advance of the reports by the papers.
“Approximately 90% of the reviewed accounts are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60% were closed before 2015.
“Of the remaining active accounts, we are comfortable that appropriate due diligence, reviews and other control related steps were taken in line with our current framework.”
Last month, Credit Suisse lost its newly appointed chairman, as Antonio Horta-Osorio, the former boss of Lloyds Banking, stepped down after just nine months in the role, having been investigated for breaking Covid protocols in both Switzerland and the UK.
Credit Suisse's shares were indicated 1.8% lower in pre-market activity.