ZURICH (Reuters) - Credit Suisse’s CSGN.VX Chief Executive Brady Dougan told a Swiss Sunday newspaper he has no plans to step down and his bank would not need a capital increase despite a $2.5 billion deal with U.S. authorities over a tax dispute.
Swiss lawmakers have been among those calling for Dougan and other executives to resign to allow the bank to make a fresh start after its settlement with U.S. authorities over charges it helped Americans to evade taxes.
Asked in an interview with Sonntagsblick if he had thought about leaving the bank, Dougan said: “No. I have been working nearly 25 years for this bank, I’m committed to Credit Suisse, its customers, its staff, its shareholders.”
Dougan said a capital increase would not be necessary for the bank to meet its goals of posting a capital ratio of at least 10 percent by the end of the year and targeting an 11 percent ratio thereafter.
Switzerland’s financial regulator said on Tuesday there were no indications Credit Suisse’s senior management had known of specific misconduct, effectively clearing the bank’s executives of blame in the tax case.
Reporting by Alice Baghdjian; Editing by Sophie Hares