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Credit Suisse Uncovers Client Fraud at Wealth Management

  • Lender ousts rogue adviser after losses in Africa wealth
  • Swiss bank says clients affected by unauthorized actions
Credit Suisse Group AG CEO Tidjane Thiam Interview
Photographer: Stefan Wermuth/Bloomberg
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Credit Suisse Group AG has discovered fraud at its international wealth management business, two years after it was criticized by a regulator in a similar case that rattled the bank and raised questions about controls.

The Swiss lender dismissed a Zurich-based banker who forged documentation on an over-the-counter contract for an African wealth management client, according to people familiar with the matter. The deception, uncovered earlier this year, led to a loss of about 10 million francs ($11 million) for the bank and also hurt other clients, the people said, asking not to be identified as the matter is private.