NEW YORK (TheStreet) -- Credit Suisse Group (CS) continues to be the subject of an investigation by New York's bank regulator, which has subpoenaed hard drives and documents over potential tax evasion, sources say, the Financial Times reports.
Credit Suisse shares are down -0.30% to $31.55.
The Department of Financial Services, which regulates the New York bank office of the Swiss bank, has specifically requested the employment records of Roger Schaerer, former head of the New York branch, the paper said.
DFS sent the subpoena last week, sources added, casting a wide net as it requests documents, emails, hard drives, calendar entries and travel and expense reports for all bankers passing through the New York office. The subpoena also seeks human resource and compensation plans for the bankers.
Credit Suisse said it was "co-operating fully" with the investigation.
TheStreet Ratings team rates CREDIT SUISSE GROUP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CREDIT SUISSE GROUP (CS) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, solid stock price performance and expanding profit margins. However, as a counter to these strengths, we find that we feel that the company's cash flow from its operations has been weak overall."