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Old 21.11.2016, 11:45
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Credit Suisse - Switzerland Only - Foreigners told to go to international?

A simple but effective split:
  • Credit Suisse international
  • Credit Suisse Swiss domestic

Will the latter be ringfenced so all Americans and their IRS or others be told to bank at international and then only if you have SFr2 million in the bank?

It makes banking sense but the devil is in the detail and how they treat a very small % of their account holders here in Switzerland.
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Old 21.11.2016, 12:06
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Re: Credit Suisse - Switzerland Only - Foreigners told to go to international?

The exam question is whether US citizen, Switzerland-resident customers of Credit Suisse will be transferred to the new Swiss bank within Credit Suisse or will be handled by the CS international unit.

This FT article notes that one of the aims of the separate Swiss bank is for "less cross-border compliance procedures". But it also mentions that this new entity is "for Swiss-domiciled clients":

"Unlike many other Swiss banks, it will serve principally Swiss-domiciled clients. That will bring operational benefits, says Mr Gottstein: “There are less cross-border compliance procedures. The goal is to become a simple, pragmatic bank for Swiss-domiciled clients.”

With few exceptions, non-Swiss clients will be served by the Asian and international wealth management divisions of the Credit Suisse parent — which Mr Gottstein is keen to point out is also a Swiss bank."

FT article is called "Credit Suisse plots course for float of Switzerland unit" (paywalled).
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Old 21.11.2016, 12:11
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Re: Credit Suisse - Switzerland Only - Foreigners told to go to international?

Swissinfo.ch has posted the FT article:

http://www.swissinfo.ch/eng/too-big-...-unit/42608224
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bank accounts, banking industry, banking. usa tax, foreigners




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