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Wegelin & Co.

Credit Suisse Ups Funds For U.S. Tax Deal

Credit Suisse has increased the funds it has set aside to settle a U.S. tax dispute and avoid prosecution for helping wealthy Americans to hide cash from the taxman, raising the prospect it may be close to a settlement in the lengthy dispute.Switzerland's second-biggest bank also disclosed in its annual report on Thursday it had paid its Chief Executive Brady Dougan 9.8 million francs in 2013, up 26 percent from the previous year, a rise it said was justified by the bank's performance over the period.The bank set aside an extra 425 million Swiss francs ($480 million) to take its total provisions for tax and securities law matters in the United States to 895 million francs, it said in its report.Credit Suisse was told by the U.S. Department of Justice (DoJ) it was under investigation in 2011. The bank made a 295 million franc provision that year, but many analysts believed this sum would not suffice."The final settlement has not yet been reached, but the bank feels comfortable about mak...

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  1. Credit Suisse Staff Group Demands CEO Apology

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