It is also the most prominent bank to make a criminal guilty plea since 1989, according to the New York Times. Anonymous sources have said that prosecutors wanted to give the Swiss bank the largest penalty it could without putting it out of business. The US Justice Department alleged that the bank conspired to help thousands of US citizens to avoid tax by concealing their assets and income. 

Junior bankers

Romeo Cerutti, the Swiss-Italian lawyer who is the bank’s top lawyer, had tried to persuade the Justice Department that the wrong-doing was carried out by a small number of relatively junior bankers. He argued that the bank should, therefore, not be forced to plead guilty. The fact that the Justice Department would not accept his argument is being taken as a sign that other banks might also be required to make guilty pleas. The Justice Department has for years made settlements without requiring guilty pleas - and the Credit Suisse announcement is seen as marking a major change in approach. Source: ABA Journal