Credit Suisse Gets U.S. Clearance to Keep Managing Pensions

Units of Credit Suisse AG will receive waivers from the Labor Department that will allow them to continue managing roughly $2 billion in pension funds for about a million U.S. clients, the bank said.

The bank, a unit of Credit Suisse Group AG, was required to seek the waivers to retain its status as a Qualified Professional Asset Manager (QPAM) — a key designation for firms managing pension plans — as a result of its conviction last year for helping Americans evade income taxes. In granting the waiver, the Labor Department said it found no evidence the bank’s pension units ...