NEW YORK (TheStreet) -- Shares of Credit Suisse Group (CS) are down -1.52% to $29.14 after it was reported that the Swiss bank is expected to pay nearly $2.5 billion to settle an investigation into how the firm allegedly helped Americans evade taxes, including roughly $700 million to U.S. regulators and approximately $1.7 billion to the Justice Department, sources say, the Wall Street Journal reports.
Under tentative terms of a deal still being discussed, the bank would plead guilty to U.S. allegations and pay the Federal Reserve about $100 million and approximately $600 million to the New York State Department of Financial Services, sources add,, the Journal said.
The settlement could come as soon as next week.
TheStreet Ratings team rates CREDIT SUISSE GROUP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CREDIT SUISSE GROUP (CS) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, expanding profit margins and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and weak operating cash flow."