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Credit Suisse to plead guilty to criminal charges in US tax evasion scheme

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Credit SuisseCredit Suisse Group was due to plead guilty to criminal charges that it helped thousands of Americans evade taxes, becoming the first bank in more than a decade to admit to a crime in the US.

Regulators were expected to impose a $2.5bn fine later on Monday on Switzerland’s second-biggest bank. The deal comes after a Senate panel in February concluded Credit Suisse recruited for over 22,000 US customers with assets of $10 bn-$12 bn, the vast majority of which were hidden from US authorities.

Pressure has been mounting on the Swiss banks in recent months. In March Andreas Bachmann, one of six former Credit Suisse bankers indicted on charges they helped US clients hide $4bn in assets, pleaded guilty and agreed to cooperate with prosecutors.

In April Josef Dorig, founder of a Swiss fund, pleaded guilty in the same case and implicated several other Credit Suisse bankers.

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