The U.S. is pressing for guilty pleas from the parent companies of banks under investigation, including Credit Suisse Group AG, Bloomberg News reported today. Whether prosecutors would be willing to accept a guilty plea from a smaller unit rather than insisting on the bank holding company has been debated since authorities started speaking this year about imminent criminal actions in speeches, tweets and even a video this week from the U.S. Attorney General. Credit Suisse is trying to settle a U.S. tax evasion probe that could include a penalty of more than $1 billion. Discussions could lead to a penalty of $1.6 billion or more.
