Swiss bank fined $2.5B for helping Americans evade taxes

Swiss bank Credit Suisse has agreed to pay a $2.5 billion fine to authorities in the United States for helping Americans evade taxes. It is the largest bank in 20 years to plead guilty to a U.S. criminal charge, according to a Reuters report.

However, Switzerland's second largest bank is keeping its top management in place and is not being required to hand over client data that is protected by Swiss secrecy laws.

U.S. prosecutors claimed the bank helped clients deceive U.S. taxes by concealing assets in illegal, undeclared bank accounts.

Read more from Reuters.