Dougan says he, and his bank, played by the rules

Dougan, who has been CEO of Credit Suisse since 2007, testified before the United States Congress earlier this year Keystone

Credit Suisse CEO Brady Dougan says he never tolerated illegal tax deals and hasn’t considered stepping down from his post in the wake of criminal charges brought against the bank by United States authorities.

Dougan, who is American, said in an interview with the SonntagsBlick newspaper that he feels frustrated  by the lack of recognition that Credit Suisse held itself to strict rules related to US clients and participated fully in all investigations.

“The investigations lasted three and a half years. Everything was on the table. Many lawyers and officials investigated very thoroughly,” Dougan said.  

The 54-year-old CEO added he didn’t know about illegal activity at the bank until it was too late and never discussed US clients with his predecessor, Oswald Grübel.

“Unfortunately we found out too late that there were people who ignored [the bank’s] rules,” Dougan said. “I never tolerated anything illegal. Never. I say it at every opportunity: we adhere to the laws”.

Dougan said he is not considering stepping down, despite calls for him to do so after Credit Suisse pled guilty to criminal charges and was fined $2.8 billion by the US Justice Department..

“I feel absolutely committed to Credit Suisse and the people I work with,” he said.

Political support

Finance Minister Eveline Widmer-Schlumpf, who was at the centre of government negotiations with US authorities over punishments for banks and the future of the Swiss banking sector, told the SonntagsBlick that financial institutions have been adhering to the rules.

“I believe that numerous Swiss banks have made serious efforts to make sure their foreign clients pay their taxes,” Widmer-Schlumpf said. “This decision will be made easier for clients because various countries have launched programmes to regulate untaxed funds.”

“Some banks have gone so far as to tell clients that their accounts will be closed if they cannot prove the money has been taxed.”

Widmer-Schlumpf also expressed relief at the conclusion of the Credit Suisse case with US authorities but said larger questions related to banking secrecy still had a long way to go before being resolved. Switzerland recently signed on to a programme for the global exchange of tax information through the Organisation for Economic Co-operation and Development (OECD).

“When it comes to the automatic exchange of information, we’re just at the beginning of a process that parliament will have to decide on.”