Bloomberg News reported HSBC and Credit Suisse are giving up their employees names to the United States authorities in a bid to avoid charges by the United States Department of Justice. The tax evasion probe launched by the DOJ has made the Swiss banks somewhat cooperative in their bid for leniency.
According to news reports, nothing like this has ever been done in Swiss banking history, and a special exemption was made to allow this to continue. The employees may have a lawsuit against the banks depending on how the law was written since this kind of action was prohibited by Swiss law.
Written by Lulaine Compere.