Credit Suisse Chief Said Small Group Led U.S. Tax Evasion

Credit Suisse Group AG’s Chief Executive Officer Brady Dougan, under fire from U.S. lawmakers, apologized and deflected blame onto a small group of employees for helping clients hide billions of dollars from the Internal Revenue Service.

“Some Swiss-based private bankers went to great lengths to disguise their bad conduct from Credit Suisse executive management,” Dougan said at a Senate subcommittee hearing in Washington today. “While that employee misconduct violated our policies, and was unknown to our executive management, we accept responsibility for and deeply regret these employees’ actions.”