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News follows rumours of two big Swiss bank staff cuts

ZURICH, SWITZERLAND – Credit Suisse issued a statement Friday that it was formally notified 14 July that it is being investigated by the US Department of Justice (DOJ) for helping wealthy Americans avoid paying taxes through undeclared offshore accounts.

Four Credit Suisse bankers, only one of whom is still with the bank, were named earlier this year by the DOJ as the target of investigations, and Credit Suisse said it was cooperating with US authorities.

The new investigation follows one by the US government that led to UBS providing the names of more than 4,000 US clients under the terms of a special treaty between Switzerland and the United States.

The bank’s official statement:

As previously disclosed, Credit Suisse has been responding to requests for information, including subpoenas, in an investigation by the US Department of Justice (DoJ) and other US authorities.

The investigation concerns historical Private Banking services provided on a cross-border basis to US persons. As part of this process, on July 14, 2011, Credit Suisse received a letter notifying it that it is a target of the DoJ investigation.

It has been reported that the US authorities are conducting a broader industry inquiry. Subject to our Swiss legal obligations, we will continue to cooperate with the US authorities in an effort to resolve these matters.

(full statement)

Ed. note: the Financial Times carries a lengthy story with background

Rumors have been flying all week that both Credit Suisse and UBS are planning large job cuts, with the Financial Times saying Friday that sources close to the situation back this up, but for the moment both banks are refusing to comment on the stories.