Credit Suisse could pay a settlement of over $800 million to U.S. authorities after helping wealthy Americans avoid taxes.
In a lengthy crackdown on undeclared funds in hidden offshore accounts, including in Switzerland, Credit Suisse is the highest profile bank involved. Currently, over 100 Swiss banks have volunteered to participate in the probe.
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Similar to other Swiss banks, Credit Suisse has stopped accepting American private banking clients as U.S. authorities continue to crackdown on offshore tax cheats.
The bank has said it is cooperating with prosecutors and keen to reach a deal. While the size of the settlement is still undecided, Credit Suisse set aside 295 million Swiss francs ($324 million) for such an occasion in 2011.
Previously, the highest fee paid through this probe was the $780 million settlement from UBS in 2009, which also led to them handing over 4,000 sets of client data.
