Tuesday, May 28, 2013

Credit Suisse warns of U.S. tax spat escalation if talks fail

Credit Suisse's (CSGN.VX) chairman warned that a long-running tax dispute with the United States over hidden Swiss bank accounts could easily escalate and spill over to rivals if not settled.

"What looks to be a painful solution at first glance is better for everyone than none at all," Urs Rohner was quoted as telling the Neue Zuercher Zeitung daily on Tuesday.

Rohner's comments come as the Swiss government said it hopes it is nearing a deal with U.S. authorities over Swiss banks accused of helping wealthy Americans evade billions of dollars of tax.