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Thiam’s Turnaround Clouded by Tax Probe of Credit Suisse

  • Authorities examine three offices in sweeping tax-evasion case
  • Bank’s problem is ‘they seem to be in the dark,’ analyst says
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Credit Suisse in Five-Nation Tax Probe

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Just when he thought the worst was behind him, Tidjane Thiam is facing another potential blow to a two-year-old turnaround that is just beginning to bear fruit.

On Friday, Thiam’s Credit Suisse Group AG found itself embroiled in a tax-evasion and money-laundering investigation spanning five countries that could involve thousands of account holders. It’s the latest headache for a CEO who may have to ask shareholders for a third capital increase in five years as the firm tries to recover from the cost of settling legal bills and surprise trading losses.