Credit Suisse U.S. Pension Work May Be Imperiled by Conviction
- Labor Department cites bank for “systemic criminal misconduct”
- Bank granted one-year extension of key pension designation
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Credit Suisse’s access to a key regulatory exemption relied on by banks and money managers to manage U.S. pension funds may be in peril.
The Labor Department granted affiliates of the Swiss bank a one-year extension of their status as so-called Qualified Professional Asset Managers, while stating in a notice that appeared in the Federal Register Tuesday that it would review whether to extend, or revoke, the key designation due to the bank’s previous convictions and misconduct.