The Swiss government has been in turmoil for several months, announcing on 19 March 2023 the acquisition of Credit Suisse by its rival UBS for 3 billion francs. However, the problems do not stop for the two jewels of Swiss finance.
The US DOJ has subpoenaed the banks Crédit Suisse and UBS.
Justice US accuses Crédit Suisse and UBS of helping Russian oligarchs evade sanctions. The US Department of Justice wants to identify employees who had links to sanctioned Russian clients and wants to know how they were monitored in recent years.
The DOJ has also sent subpoenas to employees of some major US banks and has stated that Swiss banks were included in a wave of subpoenas sent before UBS's acquisition of Credit Suisse.
The Justice Department has tried to pressure Russian oligarchs through sanctions, asset seizures and criminal investigations to stop supporting Russian President Vladimir Putin after the country's invasion of Ukraine. Those measures did not help so now DOJ is tackling the banks.
The question is : who are the Americans trying to target here ? And much more importantly : what benefits does it bring and to whom ?