In related news, the bank is about to plead guilty to helping a whole lot of people avoid paying taxes and fork over $2.5 billion1 to the U.S. government. So, it's a big day for the Swiss.
Credit Suisse is poised later Monday to announce a landmark tax-evasion settlement with U.S. authorities, paying about $2.5 billion and pleading guilty to U.S. criminal charges, according to people briefed on the discussions. In a victory for Credit Suisse, though, the deal won't cost the jobs of Chief Executive Brady Dougan or Chairman Urs Rohner, one of these people said. Both men are expected to remain in their current roles, this person said. In recent weeks Messrs. Dougan and Rohner have been lambasted by Swiss political leaders for allowing the U.S. legal fight to damage the bank's reputation. The resignation of Credit Suisse's top management "is a prerequisite for a credible reboot," the country's Social Democratic Party said May 11. Swiss media have reported that one or both men could be ousted.
1. Which actually doesn't sound like that much? Compared to the $97 trillion tab JP Morgan and Bank of America have racked up.↩