Credit Suisse Group AG shares slumped after news that US authorities are investigating whether the bank helped clients hide assets.

Shares dropped as much as 5% in Zurich, and were trading down 4% as of 1:14 p.m. The prospect of fresh legal risks for the bank has added to nervousness around the critical strategic revamp due to be announced later this month.

The US Justice Department is probing whether the Swiss bank aided US account holders, particularly with South American passports, who may not have told the Internal Revenue Service about assets worth hundreds of millions of dollars, Bloomberg news ...

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