New York banking chief says Credit Suisse won't lose New York license

Reuters

New York Superintendent of Financial Services Benjamin Lawsky said on Monday he had decided not to initiate proceedings to revoke Credit Suisse's New York license over its role in helping Americans evade taxes.

Lawsky said in a statement after Credit Suisse agreed to plead guilty to U.S. criminal charges that the Swiss bank would pay a $715 million penalty as part of an agreement with his agency and be required to install an independent monitor as part of the settlement.

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He said an independent monitor would further review the involvement of Credit Suisse employees in the misconduct. Lawsky said Credit Suisse must fire certain individuals who were previously indicted but were still being paid by the bank.

(Reporting by Eric Beech; Editing by Jim Loney)