Credit Suisse Group AG plans to pay an extra bonus to employees who report colleagues exhibiting "fraudulent behavior" to their supervisors, Handelsblatt reported Feb. 15, citing CEO Tidjane Thiam.
Credit Suisse, which employs around 50,000 people globally, has been fined as a result of the negligent behavior of its staff in the recent past. U.S. authorities are currently investigating the group's hiring practices in the Asia-Pacific region as they suspect it may be hiring referrals from government entities in exchange for business or regulatory approvals.
Earlier this month, the Swiss group was fined $5 million by authorities in Hong Kong for "internal control failures" dating back to 2003, Bloomberg reported Feb. 8.
In November 2017, the New York State Department of Financial Services imposed a $135 million fine on the group's subsidiary Credit Suisse AG over misconduct in its foreign trading business. The New York state regulator had found that some of the bank's forex traders had shared confidential customer information with other traders and colluded to manipulate currency prices or benchmark rates in order to reap higher profits at the expense of their clients.