(Bloomberg) Thirteen Swiss banks face rising stakes in their own criminal probes after Credit Suisse Group AG set a new standard for punishment in the U.S. crackdown on offshore tax evasion.
Julius Baer Group Ltd., Zuercher Kantonalbank and the Swiss unit of HSBC Holdings Plc are among those seeking to avoid pleading guilty to helping Americans cheat the Internal Revenue Service—an unprecedented step taken by Credit Suisse on May 19. Their degree of wrongdoing and cooperation with investigators will help decide their fate, said the top U.S. tax prosecutor.
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