Swiss banks are turning over thousands of employee names to
U.S. authorities as they seek leniency for their alleged role in helping
American clients evade taxes, according to lawyers representing banking staff,
Bloomberg writes.
At least five banks supplied e-mails and telephone records
containing as many as 10,000 names to the U.S. Department of Justice, according
to estimates by Douglas Hornung, a Geneva- based lawyer representing 40 current
and former employees of HSBC Holdings Plc (HSBA)’s Swiss unit, Credit Suisse
Group AG (CSGN) and Julius Baer Group Ltd. (BAER) The data handover is illegal,
said Alec Reymond, a former president of the Geneva Bar Association, who is
representing two Credit Suisse staff.
“The banks are burning their own people to try and cut deals
with the DoJ,” said Hornung. “This violation of personal privacy is
unprecedented in the Swiss banking industry….”
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