The head of Credit Suisse expressed regret Wednesday that his bank helped US clients hide billions from the tax man, but blamed the wrongdoing on a small band of rogue employees. The bank could and should have done more to stop workers from aiding and abetting tax evasion on behalf of American account holders, chief executive Brady Dougan said.

"Credit Suisse acknowledges that misconduct, centered on a small group of Swiss-based private bankers, previously occurred at our bank," Credit Suisse said in a statement to a US Senate panel that led a years-long investigation of "Swiss bank secrecy."

A Senate inquiry found that the bank, Switzerland's second largest, undertook elaborate efforts to help thousands of wealthy US clients evade billions of dollars in taxes. "Credit Suisse's management team regrets very deeply that despite the industry-leading compliance measures we put in place, we have some Swiss-based private bankers who appear to have violated US law," said Dougan, the first American to lead a major Swiss bank. "While I am extremely dismayed by the conduct, Mr Chairman, I also believe that leadership requires facing up to the past, and taking responsibility for what our employees did."

Copyright Agence France-Presse, 2014