Swiss Stocks Slump As Credit Suisse Prepares To Settle With U.S.

(RTTNews) - Swiss stocks fell Monday amid reports that Credit Suisse Group will announce a landmark tax-evasion settlement with U.S. authorities.

The Swiss bank will pay about $2.5 billion and pleading guilty to U.S. criminal charges.

Wall Street Journal reports Chief Executive Brady Dougan or Chairman Urs Rohner will keep their jobs.

Shares of the bank dropped 0.5 percent.

The Swiss Market Index lost 0.43 percent to 8,646.02, spending the entire session in negative territory.

Nestle was down 1 percent, while Credit Suisse rival UBS lost 0.75 percent.

Holcim added 0.85 percent.

Swisscom will launch a public takeover bid for PubliGroupe based on an offer price of CHF 200 per share. Publigroupe shares rose 7.3 percent.