US checks major Swiss banks for helping Russians

This was reported by Bloomberg citing its sources.

According to Western journalists, the US Department of Justice has already sent a series of requests to banks, in particular Credit Suisse Group AG and UBS Group AG, to identify employees who have dealt with the sanctioned Russians.

In addition, the DOJ is also investigating employees of some major US banks.

The purpose of the investigation is to find out whether the banks helped the sanctioned Russians circumvent the sanctions.

Before the full-blown Russian invasion, Credit Suisse was well known for its clients being wealthy Russians. At its peak, the bank managed more than $60bn for Russian clients, which generated between $500m and $600m a year in revenues for Credit Suisse.

It is worth recalling that Credit Suisse recently went bankrupt and another Swiss bank, UBS, agreed to buy it for $3.25bn, brokered by Swiss regulators.