Credit Suisse has plead guilty to one count of conspiring to aid tax evasion. Erin Davis, senior equity analyst at Morningstar, weighs in on the significance of the move and reveals whether she believes the company’s business will be negatively impacted. Despite the fact that CEO Brady Dougan has said he will stay on, Davis predicts we may see a management change occur later this year or early next year. She says by being the largest bank in 20 years to plead guilty to a U.S. criminal charge, Credit Suisse may have removed the stigma associated with banks that do so, although it could still be negatively impacted if other companies decide to no longer trade with the bank.
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