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How Credit Suisse’s Tax Probe Cost UBS $511M
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Subscribe07 MAY 2025 / ACCOUNTING & TAXES
UBS has been charged with a $511 million legal settlement by the U.S. Department of Justice (DOJ) for illegal activity committed by Credit Suisse, whom it rescued in 2023. The charges stem from Credit Suisse assisting in the hiding of over $4 billion in assets in offshore accounts, breaching a 2014 guilty plea that was supposed to end such activities. This settlement poses a significant blow to trust in global banking, illustrating the lasting fallout of prioritizing profit over ethical conduct.
You’d think after a $2.6 billion fine on the wrist in 2014, Credit Suisse would’ve learned its lesson. But nah, they doubled down. Fast forward to 2025, and here we are again: another headline, another staggering figure, and another chapter in the Swiss b...
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