Credit Suisse escapes worst as it pleads guilty to US charges

Credit Suisse has pleaded guilty to a US criminal charge of helping Americans to evade taxes and will pay US$2.5bil in fine - AFP Photo.

WASHINGTON/NEW YORK: Credit Suisse on Monday became the largest bank in 20 years to plead guilty to a US criminal charge, and will pay a US$2.5bil fine to authorities for helping Americans evade taxes, Attorney General Eric Holder said.

But the Swiss bank escaped the worst for its business – its top management stayed in place, and the New York state bank regulator said it had decided not to revoke the bank's license in the state.