Credit Suisse to Settle US DOJ Tax Investigation, Pay $511m (1)

(Updates to add in last bullet that UBS will recognize a credit in 2Q.)

Credit Suisse agreed to settle a long-running tax-related investigation with the US Justice Department and will pay $511m.

• Probe was on the bank’s implementation of its 2014 plea agreement, relating to its legacy cross-border business with US taxpayers booked in Switzerland
  • Credit Suisse Services AG pleaded guilty to one count of conspiracy to aid and assist in the preparation of false income tax returns and will pay $371.9m
  • Also entered into a non-prosecution agreement regarding US taxpayers booked in the legacy Credit Suisse Singapore booking center ...