The Federal Reserve Board barred 5 former private bankers and senior managers of Credit Suisse from the banking industry. The Board announced last May that it would investigate individuals in connection with a civil money penalty and cease and desist order issued by the Board for Credit Suisse’s failure to comply with several federal banking laws says the report.
In today’s annoucement the Board found that the continued participation by Markus Walder, Marco Parenti Adami, Susanne Ruegg Meier, Michele Bergantino, and Roger Schaerer – who were all indicted in 2011- in the affairs of a depository institution would impair public confidence in the institution. This means that any institution dealing in USD cannot employ them worldwide. The prohibition is effective indefinitely, unless the criminal charges against those individuals are dismissed.