UBS says Credit Suisse Services AG resolves tax matter with DOJ

UBS (UBS) announced: “On 5 May 2025, Credit Suisse Services AG entered into an agreement with the United States Department of Justice to settle a long-running tax-related investigation into Credit Suisse’s implementation of its 2014 plea agreement, relating to its legacy cross-border business with US taxpayers booked in Switzerland, which began before UBS acquired Credit Suisse. Credit Suisse Services AG pleaded guilty to one count of conspiracy to aid and assist in the preparation of false income tax returns and will pay an aggregate of USD 371.9M. Credit Suisse Services AG also contemporaneously entered into a non-prosecution agreement regarding US taxpayers booked in the legacy Credit Suisse Singapore booking center and will pay an aggregate of USD 138.7M. UBS was not involved in the underlying conduct and has zero tolerance for tax evasion. With this resolution, UBS is pleased to have resolved another of Credit Suisse’s legacy issues, in line with UBS’s intention to resolve legacy matters at pace in a fair and balanced way and in the best interest of all its stakeholders. In the second quarter of 2025, UBS Group AG expects to recognize a credit from the partial release of the contingent liability established with the acquisition of Credit Suisse as part of the purchase price allocation process. UBS AG expects to record a charge in the second quarter in relation to this resolution.”