Credit Suisse has pleaded guilty to charges of tax evasion related to its private banking business, and has reached a settlement with US authorities. It is the largest bank to plead guilty to US criminal charges in 20 years. The guilty plea could have repercussions for the bank's counterparties and clients. The events come after a lengthy investigation into allegations that the Swiss bank helped its US clients evade taxes and hide their assets offshore. Credit Suisse agreed to a fine of $2.6bn (SFr2.5bn), which will be split between the US Department of Justice, New York state's Department of Financial Services and the Federal Reserve. The bank said in a statement that the resolution "was coordinated with its lead global regulators, and Credit Suisse expects no impact on its licences, nor any material impact on its operational or business capabilities".
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