The U.S. Justice Department issued its decision against Credit Suisse, according to which the bank must pay $2.6 billion, the largest penalty imposed on the bank, for tax purposes.

The bank was accused of using secret accounts in Switzerland to aid Americans in hiding money from U.S. tax authorities.

The punishment which was announced by the federal court, was meant to send a strong message to other banks and suppress public criticism that had arisen since the financial crisis in 2008, that prosecutors treated banks with “kid gloves”.

Attorney General Eric Holder stated that this case shows that no financial institution, regardless of size or global reach is above the law. The profitability of a company or its share market must never be used as a shield against criminal prosecution or sanctions. He added that this act must quell any such misconceptions once and for all.