Credit Suisse slashes Russian exposure as lawmakers probe sanction compliance
Scandal-stricken bank Credit Suisse has announced it will stop pursuing new business in Russia and slash its current exposure to the country, as it comes under fire from US lawmakers over potential breaches of sanctions rules.
The firm said it is helping its clients cut their Russian exposures, in documents seen by Bloomberg, and is currently moving roles out of the country and assisting employees in relocating.
Credit Suisse has come under pressure to follow a host of its peers in slashing its Russian operations.
But it comes as US lawmakers open a probe into the bank’s compliance with US sanctions.
Members of the US congressional committee on oversight and reform asked Credit Suisse bossThomas Gottstein to share information on reports the bank had asked investors to destroy information relating to loans made against its clients’ private jets and yachts.
Bosses asked investors to destroy documents in an attempt to prevent details leaking about loans it made to oligarchs who were later sanctioned, the Financial Times first reported.
The investigations come after a torrid year for the lender that has seen it face a series of high profile scandals, including weathering heavy losses from the collapse of Greensill and Archegos Capital last year.