Credit Suisse pleaded guilty to an “extensive and wide-ranging conspiracy” to help US clients evade taxes and agreed to pay about $2.6bn in fines as it became the first large global bank in two decades to admit to criminal charges.
As part of the pact, the US Department of Justice will receive $1.8bn in fines and restitution. New York state’s Department of Financial Services will receive $715m, with $100m going to the Federal Reserve.
Credit Suisse said it would book an after-tax charge of SFr1.6bn ($1.79bn) in the second quarter and expected no impact on its licences, nor any material impact on its operational or business capabilities. Brady Dougan, chief executive, said: “We deeply regret the past misconduct that led to this settlement.”