The embattled investment bank wants to pay some staff bonuses in installments and also faces anger from investors and clients over its anti-money laundering controls in Asia.
Credit Suisse said it initiated the independent review by EY to “provide additional assurance of the quality of our internal process and controls”.
In addition, private bankers were asked to sit with compliance colleagues to improve co-operation, while senior managers on the wealth and compliance teams were appointed “Culture Champions” to demonstrate model behaviour. Employees and clients told the bank that the heightened scrutiny wasn’t practical and was counter-productive. The measures even prompted some customers to demand new accounts be opened in Switzerland, where rules aren’t as stringent, one of the people said.
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