WASHINGTON/NEW YORK/ZURICH (Reuters) - Credit Suisse's guilty plea to U.S. criminal charges is likely to be announced after the market closes on Monday, three sources said.
Under a settlement, Credit Suisse is expected to pay over $2 billion (1.18 billion pounds) to U.S. authorities to resolve charges it helped Americans evade taxes. The Swiss bank has been in negotiations with the U.S. Department of Justice, the U.S. Federal Reserve, and the New York State Department of Financial Services.
Spokesmen for Credit Suisse and the New York State Department of Finance as well as a spokeswoman for the U.S. Federal Reserve all declined to comment. A representative from the Department of Justice was not immediately available for comment.
A criminal guilty plea would be unusual for a financial institution. Authorities have not often sought criminal convictions against a company, fearing the action would put the firm out of business and result in lost jobs for employees that had nothing to do with any crime.
The Wall Street Journal reported on Monday that Chief Executive Officer Brady Dougan and Chairman Urs Rohner will retain their jobs under the settlement, citing a source.
Last week, sources told Reuters the settlement was expected to be about $2.5 billion, with about $2 billion going to the U.S. government, while the New York's Department of Financial Services potentially would get another $500 million or more. The bank feared that a bigger settlement would threaten its credit rating, a source said.
(Reporting by Aruna Viswanatha in Washington, Karen Freifeld in New York, and Oliver Hirt in Zurich; Additional reporting by Dan Wilchins in New York; Editing by Jeffrey Benkoe)