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Credit Suisse

Britain lost $1.5 trillion in household wealth since Brexit vote: study

ZURICH: Britain lost $1.5 trillion (1.4 trillion euros) in household wealth in 2016, a blow caused by the pound's free-fall after the Brexit vote, Switzerland's second largest bank Credit Suisse said Tuesday.  A full 406,000 Britons lost their status as dollar millionaires this year, Credit Suisse added in its latest annual Global Wealth Report. "The United Kingdom had a tumultuous year," the report said, describing the household wealth losses as "a direct consequence of the Brexit vote." "Wealth per adult has…

Credit Suisse CEO defends bank over Panama Papers

HONG KONG: The CEO of Credit Suisse said Tuesday the bank does not endorse offshore accounts for tax avoidance or shady dealings, the latest bank to defend itself against accusations made in the Panama Papers leak.

Two banks paid no tax in UK

LONDON: Two more investment banks have reported paying zero tax in Britain in 2014, prompting the opposition Labour party to urge the government to reverse a tax change it made for banks last year.