Germany Starts Probe Against Credit Suisse (CS)

Credit Suisse (NYSE: CS) has issued an advisory to its bankers restricting their travels to Germany. The bank has undertaken the move after Germany instituted more than 1,000 probes against the bank’s clients. Germany is also investigating the bank’s staff for aiding evasion. A Credit Suisse (CS) spokesperson told Reuters, “We already have restrictions on travel in place and now these are being applied very strictly in the case of Germany. As far as I know we have had no contact with the German authorities and cannot comment further."

Former German finance Hans Eichel has stated, “If a company does not respect the laws of the land, it cannot operate here. The United States already made this clear in the case of UBS. Germany has not acted as tough as this so far, but in view of the scale of the problem, this is what Germany will have to do.”