Credit Suisse is reported to have closed its American Client Unit. This only applies to its non-US wealth management unit which existed in Zurich with a small staff. The move was reported in the Financial Times on 25th November 2011 is described as being “emblematic of the much wider retreat by Swiss banks from overseas activities for US clients”. Earlier this year Credit Suisse acknowledged it was under investigation after four former bankers in the US had been indicted. The bank has set aside SFr295 million for a possible US legal settlement. This is part of the US authorities’ investigation of Swiss banks into the allegations that they helped US citizens avoid tax. Investigations by US tax authorities with the Swiss banks continue.
Credit Suisse’s move has been interpreted in Zurich to suggest that there may be a deal between the bank and the IRC or a wider Swiss/US agreement. But opinions vary about the chances of an agreement.

Julius Baer is reported to have as yet made no financial provisions for a settlement as talks are still at the early stage, according to the Financial Times.

Julius Baer has been tipped as the most likely buyer in talks to takeover a controlling stake in Sarasin, the Swiss bank currently held by Rabobank of the Netherlands. Also interested is the Raiffeisen cooperative banking group.