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| Credit Suisse accused of aiding tax evasion by US | Credit Suisse accused of aiding tax evasion by US |
| (about 1 hour later) | |
| US regulators have filed criminal charges against Swiss banking giant Credit Suisse for "wilfully aiding in the preparation of false income tax returns". | US regulators have filed criminal charges against Swiss banking giant Credit Suisse for "wilfully aiding in the preparation of false income tax returns". |
| The bank is expected to enter a guilty plea and pay a multi-billion dollar fine for helping its US clients engage in tax evasion. | The bank is expected to enter a guilty plea and pay a multi-billion dollar fine for helping its US clients engage in tax evasion. |
| It would be the first parent company of a major bank to plead guilty to criminal charges in at least a decade. | It would be the first parent company of a major bank to plead guilty to criminal charges in at least a decade. |
| A press conference will begin shortly. | A press conference will begin shortly. |
| Long road | |
| Credit Suisse has been looking to settle the charges with US regulators since 2011. | |
| 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. | |
| 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. | |
| 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. |