Credit Suisse CEO defends bank’s stance on sanctions

Credit Suisse’s chief executive has defended its stance on sanctions following criticism of big banks by US senators, according to Reuters.

Chief executive Tidjane Thiam spoke out after two senators demanded that big banks should disclose links to Russian oligarchs.

Thiam said: “I can’t comment on the [senators’ request.] But what I can tell you is we are in full compliance with every regulation in every jurisdiction we are present in.”

Thiam continued: “When there are sanctions, we are fully compliant with the sanctions, of course, and we have invested a lot of resources in continuously upgrading our ability to monitor.”

Switzerland is the world’s largest centre for managing offshore wealth. Its neutral status means it has long been seen as a safe haven for those looking to keep funds out of reach internationally.

However, Switzerland has recently begun to exchange information about clients with foreign tax authorities.

Two US Democratic senators wrote to banks including Bank of America, JPMorgan Chase, Citibank, Barclays, Deutsche Bank, UBS, HSBC and Credit Suisse.

On 6 april the US government announced sanctions on Russia in response to Russian interference in the 2016 US elections and other actions by the Russian government.

UBS chief executive Sergio Ermotti recently claimed the US sanctions on Russia were having a limited impact on its business, as the world’s largest wealth manager.