Credit Suisse to Pay $77 Million to Settle Princeling Probes

• Bank hired more than 100 at request of government officials •‘Princess’ got $1 million, although often didn’t show for work

Credit Suisse Group AGagreed to pay $77 million to settle U.S. bribery probes claiming the lender’s Hong Kong unit attempted to win banking business by offering jobs to friends and family of Chinese officials.

In a seven-year period, the bank hired more than 100 employees at the request of government officials in the Asia-Pacific region, resulting in millions of dollars of revenue, according to the U.S. Senior Credit Suisse managers tracked the success of these “relationship hires” with ...