Hundreds of Credit Suisse employees worked for years to deceive U.S. officials and help Americans evade domestic taxes, said Attorney General Eric Holder, at a Monday news conference.
The bank will pay $1.8 billion in fines, he said, adding that Credit Suisse is the largest bank to plead guilty in 20 years. The bank has admitted wrongdoing and made various changes to allow it to move forward in compliance with the law, Holder noted.
Fines and restitution will top $2.5 billion, officials said at the news conference.
The bank's sentencing date has been set for Aug. 12.
This is a developing news story. Please check back for updates.
The Justice Department filed a criminal complaint against Swiss bank Credit Suisse on Monday, alleging the bank conspired to help clients evade taxes.
The complaint had been expected for days, and the bank is also expected to plead guilty to the charge and pay a multibillion-dollar fine as a settlement.
Part of the settlement, with New York's Department of Financial Services, includes a $715 million penalty and the installation of a monitor, CNBC has learned.