- Credit Suisse(NYSE:CS)is falling 3% in Swiss trading Monday as the bank defended itself against accusations of wrongdoing following amassive whistleblower data leak.
- German newspaper Süddeutsche Zeitung published a report based on leaked data of 18,000 bank accounts with assets of more than $100B.
- Analysis of the data by more than 50 media organizations over months revealed account holders with ties to major crimes like drug trafficking and money laundering, the BBC reported.
- "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," Credit Suisse said in a statement.
- Credit Suisse's chairman was ousted last month after reports he violated COVID restrictions.
- The bank disclosed a Q4 $500M legacy litigation charge related mostly to investment banking.
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