SWITZERLAND DAYBOOK: Credit Suisse U.S. Tax Case, UBS M&A Unit

Credit Suisse Group AG (CSGN) seemed to have structures in place “that prevented systemic fraud” in the United States, Neue Zuercher Zeitung reported, citing an interview with Donald S. Beyer, the U.S. ambassador to Switzerland.

Beyer expects that lawsuits by U.S. authorities will be limited “to a few people,” the newspaper reported, and the ambassador doesn’t have any hints of systemic fraud committed by the bank. The Credit Suisse case differs from UBS regarding those structures, the paper said, citing Beyer.

WHAT TO WATCH *UBS consumption indicator published at 8:00 a.m.

EQUITIES *UBS names Liam Beere and Cary Kochman as joint global M&A heads *Zehnder Group proposes SF25 dividend, SF50 par value payment

POLITICS/ECONOMICS *Switzerland to sell 3-month bills

MARKETS: *The SMI increased 0.1 percent to 6359.02. *The SPI added 0.2 percent to 5785.24. *The Stoxx Europe 600 Index little changed at 276.24. *The MSCI Asia-Pacific Index little changed at 133.59 at 7:08 a.m. in Zurich *Euro -- Franc at 1.2907 at 7:08 a.m. in Zurich

To contact the reporter on this story: Matthias Wabl in Zurich at mwabl@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.