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Credit Suisse pleads guilty to aiding US tax evasion Credit Suisse pleads guilty to helping 'tax cheats'
(35 minutes later)
The Swiss banking giant Credit Suisse has pleaded guilty to helping some US clients avoid paying taxes to the US government. The Swiss banking giant Credit Suisse has pleaded guilty to helping some US clients avoid paying taxes to the US government and agreed to pay a $2.6bn (£1.5bn) fine.
Earlier, US regulators filed criminal charges against the bank for "wilfully aiding in the preparation of false income tax returns". It is the biggest bank to plead guilty to criminal charges in the US in over 20 years.
It is the first parent company of a major bank to plead guilty to criminal charges in at least a decade. However, as part of the agreement with US regulators, the bank will not lose its banking license in the US.
Credit Suisse has been looking to settle the charges since 2011. Credit Suisse said in a statement it deeply regretted the past misconduct.
Chief executive Brady Dougan added that the bank had seen no impact on its business from "the heightened public attention on this issue in the past several weeks".
US attorney general Eric Holder said the bank engaged in an "extensive and wide ranging conspiracy" to help US "tax cheats dodge US taxes".
Long roadLong road
In a press conference detailing the charges, the US Attorney, Eric Holder, said that Credit Suisse had engaged in an "extensive and wide ranging conspiracy" to help "US tax cheats avoid paying US taxes".
A few weeks ago, Credit Suisse chairman Urs Rohner told shareholders in a letter that settling the charges was one of the "most pressing issues" facing the bank.A few weeks ago, Credit Suisse chairman Urs Rohner told shareholders in a letter that settling the charges was one of the "most pressing issues" facing the bank.
He wrote: "We do not dispute that some foreign clients - including US clients - used Swiss banking confidentiality in order to deposit undeclared assets in Switzerland.
"To the extent that errors were made by the bank, it has to assume responsibility."
However, Mr Rohner added that the US accounts in question accounted for less than 1% of the bank's total revenue.However, Mr Rohner added that the US accounts in question accounted for less than 1% of the bank's total revenue.
According to US media reports, neither Mr Rohner nor chief executive Brady Dougan are expected to lose their jobs as a result of the agreement.According to US media reports, neither Mr Rohner nor chief executive Brady Dougan are expected to lose their jobs as a result of the agreement.
In February, a US Senate committee investigation alleged that Credit Suisse opened Swiss accounts for more than 22,000 US customers, with assets totalling $12bn (£7.2bn) at their peak. In February, a US Senate committee investigation alleged that Credit Suisse opened Swiss accounts for more than 22,000 US customers, with assets totalling $12bn at their peak.
US prosecutors are chasing more than a dozen other Swiss banks for allegedly helping wealthy Americans dodge US taxes.US prosecutors are chasing more than a dozen other Swiss banks for allegedly helping wealthy Americans dodge US taxes.
In 2009, another Swiss bank, UBS, settled similar charges with US regulators for $780m as well as an agreement in which the bank would give US authorities the names of its so-called "secret" account holders.In 2009, another Swiss bank, UBS, settled similar charges with US regulators for $780m as well as an agreement in which the bank would give US authorities the names of its so-called "secret" account holders.