Financial giants Deutsche Bank and Credit Suisse stated on Friday they were willing to pay more than US$ 12 billion to settle United States investigations into the sale of toxic mortgage-backed securities of the type that helped cause the 2008 global financial crisis.

Swiss prosecutors have charged an ex-Credit Suisse wealth manager with fraud, misappropriation and criminal mismanagement, Bloomberg reported. The bank also faces a money laundering probe in Italy, Reuters said.