May 20, 2014 / 5:40 AM / 3 years ago

Swiss regulator says Credit Suisse management didn't know of misconduct

ZURICH (Reuters) - Switzerland’s financial regulator effectively cleared Credit Suisse top management of blame for the Swiss bank’s guilty plea and a $2.5 billion (1.49 billion pounds) fine for helping Americans evade taxes, in a report released on Tuesday.

FINMA, the regulator, said the Zurich-based lender had violated Swiss supervisory law by failing to adequately monitor and control the business of its private bankers with U.S. clients.

“However, FINMA did not find indications that Credit Suisse’s senior management had known of specific misconduct,” the regulator said in a enforcement report.

Reporting By Katharina Bart

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