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Wikipedia

Credit Suisse

April 06, 2024

Credit Suisse Group AG (French pronunciation: [kʁe.di sɥis], lit. 'Swiss Credit') was a global investment bank and financial services firm founded and based in Switzerland. Headquartered in Zürich, it maintains offices in all major financial centers around the world and provides services in investment banking, private banking, asset management, and shared services. It is known for strict bank–client confidentiality and banking secrecy. The Financial Stability Board considers it to be a global systemically important bank. Credit Suisse is also a primary dealer and Forex counterparty of the Federal Reserve in the United States.

Credit Suisse Group AG
Headquarters on Paradeplatz in Zürich, designed by architect Jakob Friedrich Wanner and inaugurated in 1876[1]
FormerlySchweizerische Kreditanstalt
Company typeSubsidiary
ISINCH0012138530
IndustryFinancial services
Founded5 July 1856; 167 years ago (1856-07-05)[2]
Founder
Headquarters
Zürich
,
Switzerland
Area served
Worldwide
Key people
ProductsInvestment and private banking, asset management
Revenue CHF 14.92 billion (2022)[6]
CHF −3.2 billion (2022)[6]
CHF −7.3 billion (2022)[6]
AUM CHF 1.29 trillion (2022)[6]
Total assets CHF 531.4 billion (2022)[6]
Total equity CHF 45.13 billion (2022)[6]
Number of employees
 50,480 (end 2022)[6]
ParentUBS Group AG
Capital ratio 14.1% (end 2022, CET1)[6]
RatingS&P: BBB−
Fitch: BBB[7]
Moody's: Baa2[8]
Websitecredit-suisse.com

Credit Suisse was founded in 1856 to fund the development of Switzerland's rail system. It issued loans that helped create Switzerland's electrical grid and the European rail system. In the 1900s, it began shifting to retail banking in response to the elevation of the middle class and competition from fellow Swiss banks UBS and Julius Bär. Credit Suisse partnered with First Boston in 1978 before buying a controlling share of the bank in 1988. From 1990 to 2000, the company purchased institutions such as Winterthur Group, Swiss Volksbank, Swiss American Securities Inc. (SASI), and Bank Leu.

The company was one of the least affected banks during the global financial crisis, but afterwards began shrinking its investment business, executing layoffs and cutting costs. The bank was at the center of multiple international investigations for tax avoidance (such as the famous "Suisse Secrets" scandal) which culminated in a guilty plea and the forfeiture of US$2.6 billion in fines from 2008 to 2012.[9][10] By the end of 2022, Credit Suisse had approximately CHF 1.3 trillion in assets under management.[6]

On 19 March 2023, following negotiations with the Swiss government, UBS announced its intent to acquire Credit Suisse for $3.25 billion (CHF 3 billion) in order to prevent the bank's collapse.[11][12][13] UBS completed the acquisition in June 2023.[14]

History edit

Early history edit

 
Schweizerische Kreditanstalt headquarters in 1895
 
Share of the Schweizerische Kreditanstalt in Zurich, issued 31 May 1898
 
The inside of a Credit Suisse building in the 1930s
 
Logo in 1972

Credit Suisse's founder, Alfred Escher, was called "the spiritual father of the railway law of 1852", for his work defeating the idea of a state-run railway system in Switzerland in favor of privatization.[15][16] Escher founded Credit Suisse (originally called the Swiss Credit Institution, i.e., Schweizerische Kreditanstalt) jointly with Allgemeine Deutsche Credit-Anstalt on 5 July in 1856[17] primarily to provide domestic funding to railway projects, avoiding French banks that wanted to exert influence over the railway system.[18] Escher aimed to start the company with three million shares and instead sold 218 million shares in three days.[19] The bank opened on 16 July 1856 and was modeled after Crédit Mobilier, a bank funding railway projects in France that was founded two years prior, except Credit Suisse had a more conservative lending policy focused on short-to-medium term loans.[18] In its first year of operation, 25 percent of the bank's revenues was from the Swiss Northeastern Railway, which was being built by Escher's company, Nordostbahn.[20]

Credit Suisse played a substantial role in the economic development of Switzerland, helping the country develop its currency system,[19] funding entrepreneurs[16] and investing in the Gotthard railway, which connected Switzerland to the European rail system in 1882.[18] Credit Suisse helped fund the creation of Switzerland's electrical grid through its participation with Elektrobank (now called Elektrowatt), a coalition of organizations that co-financed Switzerland's electrical grid.[21] According to The Handbook on the History of European Banks, "Switzerland's young electricity industry came to assume the same importance as support for railway construction 40 years earlier."[18] The bank also helped fund the effort to disarm and imprison French troops that crossed into Swiss borders in the 1870 Franco-Prussian War.[18][20] By the end of the war, Credit Suisse had become the largest bank in Switzerland.[19]

Throughout the late 1800s, Credit Suisse set up banking and insurance companies in Germany, Brussels, Geneva and others (as SKA International) with the bank as a shareholder of each company. It created insurance companies like Swiss RE, Swiss Life (aka Rentenanstalt) and Schweiz. Credit Suisse had its first unprofitable year in 1886, due to losses in agriculture, venture investments, commodities, and international trade. The bank created its own sugar beet factory, bought 25,000 shares in animal breeding ventures and supported an export business, Schweizerische Exportgesellschaft, that experienced heavy losses for over-speculative investing.[18][20]

In the early 1900s Credit Suisse began catering to consumers and the middle-class with deposit counters, currency exchanges and savings accounts.[20] The first branch outside of Zürich was opened in 1905 in Basel.[16] The bank helped companies affected by World War I restructuring, and extended loans for reconstruction efforts.[18][22] During the 1920s depression, net profits and dividends were halved and employees took salary cuts.[23] After World War II, a substantial portion of Credit Suisse's business was in foreign reconstruction efforts.[23] Banks subsequently acquired by Credit Suisse have been linked to bank accounts used by members of the NSDAP in the 1930s.[24][25] Holocaust survivors had problems trying to retrieve assets from relatives that died in concentration camps without death certificates.[26] This led to a class action lawsuit in 1996[27] that settled in 2000 for $1.25 billion.[28][29][30][31] The Agreement on the Swiss Banks' Code of Conduct with Regard to the Exercise of Due Diligence was created in the 1970s,[16] after a Credit Suisse branch in Chiasso was exposed for illegally funneling $900 million in Italian deposits to speculative investments.[32]

Acquisitions, growth and First Boston edit

 
Building at 1 Cabot Square on Canary Wharf, developed by Credit Suisse First Boston for its London head office in the 1980s and inaugurated in 1991
 
Metropolitan Life North Building on Madison Square, Credit Suisse First Boston's New York head office from the late 1990s

In 1978, White, Weld & Company dropped its partnership with Credit Suisse after it was bought by Merrill Lynch. To replace the partnership with White, Credit Suisse partnered with First Boston to create Credit Suisse First Boston in Europe and bought a 44 percent stake in First Boston's US operations.[33]

In 1987, the Group acquired the blue chip London stockbrokers Buckmaster & Moore, originally established by aristocrat Charles Armytage-Moore and sportsman Walter Buckmaster, who had met at Repton School. As stockbrokers they were very well connected, had developed a good private client business, which at one time included John Maynard Keynes.

Other Credit Suisse First Boston brands were later created in Switzerland, Asia, London, New York and Tokyo.[34][35] According to an article in The New York Times, First Boston became "the superstar of the Euromarkets" by buying stakes in American companies that wanted to issue bonds.[35] In 1988 First Boston loaned $487 million to Gibbons and Green for the purchase of the Ohio Mattress Company, which was purchased at twenty times its annual revenue. Gibbons had also borrowed $475 million in junk bonds. When the junk bonds market crashed the following year, Gibbons couldn't repay First Boston.[19] Credit Suisse injected $725 million to keep First Boston in business,[36] which ultimately led to the company being taken over by Credit Suisse.[citation needed] This became known as the "burning bed" deal, because the Federal Reserve overlooked the Glass–Steagall Act that requires separation between commercial and investment banks in order to preserve the stability of the financial markets.[19]

In the late 1990s, Credit Suisse executed an aggressive acquisition strategy.[16] The bank acquired Bank Leu, known as Switzerland's oldest bank, in 1990.[37][38] In 1993 Credit Suisse outbid UBS for a controlling stake in Switzerland's fifth largest bank, Swiss Volksbank in a $1.1 billion deal.[39] It also merged with Winterthur Group in 1997 for about $9 billion[40] and acquired the asset management division of Warburg, Pincus & Co. in 1999 for $650 million.[41] Donaldson, Lufkin & Jenrette was purchased for $11.5 billion in 2000.[16][42]

In 1996, Credit Suisse restructured as the Credit Suisse Group with four divisions: Credit Suisse Volksbank (later called Credit Suisse Bank) for domestic banking, Credit Suisse Private Banking, Credit Suisse Asset Management, and Credit Suisse First Boston for corporate and investment banking. The restructure was expected to cost the company $800 million and result in 7,000 lost jobs, but save $560 million a year.[43][44] While Credit Suisse First Boston had been struggling, Credit Suisse's overall profits had grown 20 percent over the prior year, reaching $664 million.[43] In 1999 Japan's Financial Supervisory Agency temporarily suspended the financial-products division's license to operate in Japan for "window dressing", the practice of selling derivatives that are often used by bank clients to hide losses.[45]

In the 2000s, Credit Suisse executed a series of restructures. In 2002 the bank was consolidated into two entities: Credit Suisse First Boston for investments and Credit Suisse Financial Services. A third unit was added in 2004 for insurance.[16] Credit Suisse restructured again in 2004 under what it calls the "one bank" model. Under the restructuring, every board had a mix of executives from all three divisions. It also changed the compensation and commission models to encourage cross-division referrals and created a "solution partners" group that functions between the investment and private banking divisions.[46] Following the restructure Credit Suisse's private banking division grew 19 percent per year despite the economic crisis. The firm bumped long-time rival UBS off the number one position in Euromoney's private banking poll.[46] In 2006, Credit Suisse acknowledged misconduct for helping Iran and other countries hide transactions from US authorities and paid a $536 million settlement.[47][48] The same year it merged Bank Leu AG, Clariden Holding AG, Bank Hofmann AG and BGP Banca di Gestione Patrimoniale into a new company called Clariden Leu.[49]

The increasing importance of sustainability and the related commitments and liabilities of international standards such as the UNGC, of which the bank is a member, lead to increasingly sophisticated and ambitious risk management over the years. Credit Suisse operates a process which since 2007 uses RepRisk, a Swiss provider of ESG Risk analytics and metrics, to screen and evaluate environmental and social risks of risky transactions and due diligence.[50]

In 2009, Yellowstone Club founder Tim Blixseth sued Credit Suisse when the bank attempted to collect on $286 million in loan debt during Yellowstone's bankruptcy proceedings.[51] The debtor had borrowed more than $300 million for the business, but used a large portion of it for personal use before eventually filing for bankruptcy.[52] Four lawsuits were filed from other resorts seeking $24 billion in damages alleging Credit Suisse created loans with the intention of taking over their properties upon default.[53]

Post-financial crisis edit

According to The Wall Street Journal in 2008, "Credit Suisse survived the credit crisis better than many competitors."[48] Credit Suisse had $902 million in writedowns for subprime holdings and the same amount for leveraged loans,[54] but it did not have to borrow from the government.[55] Along with other banks, Credit Suisse was investigated and sued by US authorities in 2012 for bundling mortgage loans with securities, misrepresenting the risks of underlying mortgages during the housing boom.[56][57] Following the crisis, Credit Suisse cut more than one-trillion in assets and made plans to cut its investment banking arm 37 percent by 2014. It reduced emphasis on investment banking and focused on private banking and wealth management.[58][59] In July 2011, Credit Suisse cut 2,000 jobs in response to a weaker than expected economic recovery[60] and later merged its asset management with the private bank group to cut additional costs.[61]

We sell [bank] safety not bank secrecy. Being a safe haven in a world that is becoming increasingly dangerous and volatile is no bad place to be.

— Tidjane Thiam, chief executive of Credit Suisse, in a 2018 interview with the Bloomberg Markets[62]

A series of international investigations took place in the early 2000s regarding the use banking secrecy in Credit Suisse accounts for tax evasion. In 2008, the Brazilian government investigated 13 former and current Credit Suisse employees.[16] The investigation led to arrests that year and in 2009 as part of a larger crackdown in Brazil.[63][64] Four Credit Suisse bankers were accused of fraud by the US Justice Department in 2011 for helping wealthy Americans avoid taxes.[65][66] In 2012, German authorities found that citizens were using insurance policies of a Bermuda-based Credit Suisse subsidiary to earn tax-free interest.[67]

In November 2012, Credit Suisse's asset management division was merged with the private banking arm.[68] In September 2012, the Swiss government gave banks like Credit Suisse permission to provide information to the US Justice Department for tax evasion probes.[69] In February 2014, it agreed to pay a fine of $197 million after one of its businesses served 8,500 US clients without registering its activities, leading to suspicion as to whether it was helping Americans evade taxes. It was one of 14 Swiss banks under investigation.[70] Separately, in 2013, German authorities began to probe Credit Suisse, its private bank subsidiary Clariden Leu, and its regional subsidiary Neue Aargauer Bank for helping German citizens evade taxes.[71] In 2012, the bank eventually entered into a €150 million settlement with the government.[72]

In March 2014, Credit Suisse denied claims it had been drawn into a Swiss competition probe investigating potential collusion to manipulate foreign exchange rates (Forex scandal) by various Swiss and foreign banks.[73] In May 2014, Credit Suisse pleaded guilty to conspiring to aid tax evasion. It was the most prominent bank to plead guilty in the United States since Drexel Burnham Lambert in 1989 and the largest to do so since the Bankers Trust in 1999.[74] "Credit Suisse conspired to help US citizens hide assets in offshore accounts in order to evade paying taxes. When a bank engages in misconduct this brazen, it should expect that the Justice Department will pursue criminal prosecution to the fullest extent possible, as has happened here," Attorney General Eric H. Holder said at the time.[10] Holder also said "This case shows that no financial institution, no matter its size or global reach, is above the law." Credit Suisse shares rose 1% on the day the $2.6 billion penalty was announced.[75]

In March 2015, it was announced that Tidjane Thiam, the CEO of Prudential would leave to become the next CEO of Credit Suisse.[76] In September 2016, Brian Chin was appointed Chief Executive of Global Markets and joined the executive board of the bank. At this time, it was also announced that Eric M. Varvel was appointed president and CEO of Credit Suisse Holdings (USA).[77]

As of 2018, share prices of Credit Suisse and other Swiss banks including UBS remained mostly stagnant or flat since the 2008 financial crisis. This is seen as a result of the aftermath of the collapse of Lehman Brothers, which caused a large loss in consumer and market participant trust and confidence in the banking industry. The loss in confidence is reflected in the large loss of share prices across the Swiss banking sector after 2008, which have not recovered to pre-financial crisis levels.[78]

In August 2019, Credit Suisse announced the formation of a new "direct banking" business unit under their Switzerland division (Swiss Universal Bank, SUB), focusing on digital retail products. The step is seen as a reaction to the emergence of FinTech competitors such as N26 or Revolut in Switzerland and shall help to better attract young clients.[79] In July 2020, Thomas Gottstein, the new CEO of the company, announced restructuring; it was influenced as a result of the trading surge in Q2 of 2020, amid the COVID-19 pandemic. The planned restructuring is set "to reduce costs and improve efficiencies" and features some reverts of alterations brought by the previous CEO, Thiam. According to Gottstein, "These initiatives should also help to provide resilience in uncertain markets and deliver further upside when more positive economic conditions prevail."[80]

On 9 February 2023, the bank reported an annual loss of CHF 7.3 bn, the biggest loss since the 2008 global financial crisis.[81] On 14 March of that same year, Credit Suisse published its annual report for 2022 saying it had identified “material weaknesses” in controls over financial reporting.[82]

Collapse edit

Main article: Acquisition of Credit Suisse by UBS
 
Switzerland bonds
Inverted yield curve in 2023
  30 year
  10 year
  2 year
  1 year
  3 month
  Overnight
 
Credit Suisse stock price

On 15 March 2023, Credit Suisse' share price dropped nearly 25 percent after Saudi National Bank, its largest investor, said it could not provide more financial assistance.[83] The market price of the bank's unsecured bonds set for maturity in 2027 dropped to a low of 33 percent of their par value on that day, down from being valued at 90 percent of their par value at the beginning of the month.[84][85]

Later in the same week, Credit Suisse sought to shore up their finances by taking a loan of 50 billion Swiss francs from the Swiss National Bank (SNB);[86][87] the bank later proceeded to buy three billion Swiss francs of its own debt and to put the Baur en Ville hotel in Zürich for sale.[88] However, this intervention did not stop investors and customers from pulling their money out of Credit Suisse, with outflows topping 10 billion Swiss francs during the week,[89][90] and almost $69 billion (approximately 61 billion Swiss francs) in withdrawals during the first calendar quarter.[91] The situation was so compromised that the SNB and the Swiss government started discussions to fast-track the bank's acquisition by UBS.[92][93][94][95] On 19 March 2023, UBS announced a deal had been reached to acquire Credit Suisse for US$3.25 billion (CHF 3 billion) in an all-stock deal.[96]

European regulators have criticized the moral hazard of the AT1 bondholders suffering in the loss[97] of their capital rather than the shareholders of the bank.[98]

According to financial analysts, economic sanctions imposed by Switzerland on Russian individuals and businesses had a significant impact on the demise of the bank. According to Bloomberg News, Credit Suisse held about $33 billion for Russian clients, 50% more than UBS.[99]

In late April 2023, the political and economic fall-out had been evaluated by a number of economic analysts, particularly the resulting lack of banking competition in Switzerland's economy. The take-over by UBS had limited the choice of lenders, particularly for smaller and medium sized companies. Credit Suisse's international reach had affected the employment situation in Europe as well as other regions. The Swiss economy as such also relies on a number of heavily capitalised state banks that have been a significant lender to those smaller enterprises, particularly after the demise of CS.[100][101]

Post-acquisition edit

On 27 June 2023, UBS announced its intention to cut more than half of Credit Suisse's workforce.[102]

Leadership history edit

Credit Suisse's leadership history unfolds through visionary leaders like Alfred Escher, who founded the bank in 1856. Hermann Heller's international focus during 1909–1937 and August Rust's diversification from 1942–1967 laid crucial foundations. Edwin Stopper's strategies in 1979–1990 brought challenges amid expansion into global markets.

Lukas Muhlemann's cost-cutting efforts in 1993–2002 faced setbacks, and Oswald Grubel grappled with restructuring post–2008 crisis during 2003–2013. Tidjane Thiam's wealth management focus in 2015–2020 faced external challenges, leading to resignation. Tomas Gottstein, since 2020, tackles geopolitical tensions, emphasizing sustainability while navigating regulatory changes for investor confidence. Understanding Credit Suisse's leadership involves considering broader industry trends and key advisors beyond CEOs.[103]

Chairpeople edit

Chief executives edit

Corporate structure edit

 
1 Macquarie Place skyscraper in Sydney with the Credit Suisse logo, 2018

Credit Suisse Group AG, is organised as a joint-stock company registered in Zürich that operates as a holding company. It owns the Credit Suisse bank and other interests in the financial services business. Credit Suisse is governed by a board of directors, its shareholders, and independent auditors. The Board of Directors organise the annual General Meeting of Shareholders while investors with large stakes in the company determine the agenda. Shareholders elect auditors for one-year terms,[104] approve the annual report and other financial statements, and have other powers granted by law.[104] Shareholders elect members of the board of directors to serve a three-year term based on candidates nominated by the Chairman's and Governance Committee and the Board of Directors meet six times a year to vote on company resolutions.[105] The Board sets Credit Suisse's business strategies and approves its compensation (remuneration) principles based on guidance from the compensation committee.[citation needed] It also has the authority to create committees that delegate specific management functions.[citation needed]

Credit Suisse has two divisions, Private Banking & Wealth Management and Investment Banking. A Shared Services department provides support functions like risk management, legal, IT, and marketing to all areas. Operations are divided into four regions: Switzerland, Europe, the Middle East, and Africa, the Americas, and the Asian Pacific. Credit Suisse Private Banking has wealth management, corporate and institutional businesses. Credit Suisse Investment Banking handles securities, investment research, trading, prime brokerage, and capital procurement. Credit Suisse Asset Management sells investment classes, alternative investments, real-estate, equities, fixed income products, and other financial products.[106]

On 9 May 2023, Credit Suisse announced that it would continue its banking operations but under the hospice of UBS in order to fulfill its financial obligations towards existing clients as well as employees of both banks. CEO Ulrich Körner will join UBS's executive board.[107]

Ownership edit

In August 2022, it was revealed that the largest shareholder of Credit Suisse was in fact American, namely Harris Associates, holding over 10% of the shares of the group. Harris Associates itself is owned by French bank Natixis.[108]

As of 25 January 2023, Saudi National Bank, an anchor investor, held a 10 per cent stake, Qatar Investment Authority (QIA) boosted its stake in the Credit Suisse Group to 6.87 per cent and Harris Associates reported a holding of below 3 per cent.[109] Harris Associates reported having exited all its Credit Suisse positions by March 2023.[110] Credit Suisse stock (CS) in the NYSE fell from $2.50 to $1.88 a share on 15 March 2023.[111]

On 19 March 2023, fellow Swiss bank group UBS agreed to buy Credit Suisse for more than US$3 billion.[96] The purchase of Credit Suisse by UBS has reportedly averted a greater crisis, according to SNB.[112]

Financial products edit

Credit Suisse products
     Wealth management     

Estate planning

Insurance

Tax planning

Philanthropy

Investment products

Foreign exchange

Lending

Managed accounts

Real estate

     Investment banking     

Securities

Equity products

M&A

Fixed income

Mutual funds

Hedge funds

Investment advice

Credit Suisse endorses a strategy called bancassurance of trying to be a single company that offers every common financial services product.[113][114] The investment bank is intended for companies and wealthy individuals with more than 50,000 euro.[115]

Credit Suisse developed the CreditRisk+ model of risk assessment in loans, which is focused exclusively on the chance of default based on the exogenous Poisson method.[116] As of 2002 about 20 percent of Credit Suisse's revenue was from its insurance business it gained through the 1997 acquisition of Winterthur.[117] The investment bank's insurance products are primarily popular in the domestic market and include auto, fire, property, life, disability, pension and retirement products among others.[118] Historically 20–40 percent of the bank's revenue has been from private banking services, one of its higher profit-margin divisions.[119]

Credit Suisse produces one of the six hedge funds following European stock indices that are used to evaluate the performance of the markets.[120][121] The investment bank also has a 30 percent ownership in hedge fund investment firm York Capital Management. York sells hedge funds independently to its own clients, while Credit Suisse also offers them to private banking clients.[122] Credit Suisse manages the financial instruments of the Dow Jones Credit Suisse long/short equity index (originally called Credit Suisse/Tremont Hedge Fund Indexes).[123]

According to a 2011 article in Seeking Alpha, Credit Suisse's investment managers favor financial, technology and energy sector stocks.[124] The bank's head of equity investments in Europe said the team focuses on "value with an emphasis on free cashflow". She also has an interest in companies undergoing management changes that may influence the stock price.[125] According to a story in The Wall Street Journal, the head of Credit Suisse's International Focus Fund keeps a portfolio of only 40–50 stocks, instead of the industry-norm of more than 100.[126] Credit Suisse publishes its investment advice in four publications: Compass, Viewpoints, Research and the Credit Suisse Investment Committee Report.[127]

On 5 May 2023, Credit Suisse announced it would buy Ecuadorian bonds worth $1.6 billion in a debt-for-nature swap that costs the Swiss bank only $644 million. As a result, the government of Ecuador pledged to spend about $18 million annually for two decades on conservation in the Galapagos islands, a UNESCO world heritage site. The bond purchase was below 55% of the purchase value and below 35.5% for the consecutive 5 year-intervals after 2025. Underwriters for that deal is the Inter-American Development Bank (IDB) and the U.S. International Development Finance Cooperation, therefore limiting the risk for Credit Suisse. The deal effectively saves Ecuador from liquidity shortages due to an estimated public debt of $66.8 billion. In April 2020, Ecuador repaid $1 billion of loans made two years earlier by Goldman Sachs and Credit Suisse.[128]

Reputation and rankings edit

The reputation of the bank is controversial. From the 1940s until into the 2010s, beside regular customers, Credit Suisse offered criminals, corrupt politicians and controversial secret service chiefs a safe haven for their assets, despite all public declarations of a "white money" strategy.[129]

Until its acquisition by UBS in 2023, Credit Suisse was a member of Wall Street's bulge bracket, a list of the largest and most profitable banks. The company was one of the world's most important banks, upon which international financial stability depends.[130][131] The bank was also one of Fortune Magazine's most admired companies.[132]

As of 2004, Credit Suisse was first in volume of high-yield transactions, second for corporate high-yield bond insurance and third for IPO underwriting.[133] As of 2012, Credit Suisse was recognised as the world's best private bank by Euromoney's Global Private Banking Survey[134] and as the best European Equity Manager by Global Investors.[125] In polls by Euromoney, it has been ranked as the top private bank and the best bank in Switzerland.[46] In 1995, the Securities Data Company ranked Credit Suisse as the fourth best place for financial advice for mergers and acquisitions in the US and sixth for domestic equity issues.[43] Credit Suisse was recognized by the Asset Triple A Awards and in 2005 it was ranked as the second best prime broker by Institutional Investor.[133]

An investigation in February 2022 by The Guardian following the Suisse Secrets leaks revealed that Credit Suisse was holding bank accounts for many criminals, fraudsters and corrupt politicians.[135]

In early September 2023, UBS had clearly profited from the takeover as its stocks were increasingly valuable. From April to July, UBS made a record profit of 29.2 billion CHF and its stocks, which were initially depressed after the fusion, were traded at much higher prices. The record profit was based on the difference between the purchase price of Credit Suisse stocks and the apparently higher value of its assets.[136]

Controversies edit

Mismarking, 2007 edit

In 2007, two Credit Suisse traders pleaded guilty to mismarking their securities positions to overvalue them by $3 billion, avoid losses, and increase their year-end bonuses.[137][138][139] Federal prosecutors and the Securities and Exchange Commission charged that the traders' goal was to obtain lavish year-end bonuses that the mismarking would lead to.[140][141] The traders engaged in what The New York Times called "a brazen scheme to artificially increase the price of bonds on their books to create fictitious profits".[137] A team of traders, facing an inquiry from Credit Suisse's internal controls Price Testing group, justified their bond portfolio's inflated value by obtaining "independent" marks from other banks' trading desks.[137][142]

The traders secured sham "independent" marks for illiquid securities that they held position in from friends who worked at other financial firms.[141][137][142] Their friends generated prices that valued a number of bonds at the prices that the traders requested, which the traders then recorded as the true value of the bonds.[137][142] The bank was not charged in the case.[137] Credit Suisse's outside auditor discovered the mismarkings during an audit.[143] Credit Suisse took a $2.65 billion write-down after discovering their traders' mismarking.[141]

International Emergency Economic Powers Act and New York State Law violations, 2009 edit

On 16 December 2009, it was announced that the US Department of Justice (DOJ) reached a settlement with Credit Suisse over accusations that the bank assisted residents of International Emergency Economic Powers Act sanctioned countries to wire money in violation of the Act as well as New York law from 1995 to 2006. The settlement resulted in Credit Suisse forfeiting $536 million.[144]

US tax fraud conspiracy, 2014, 2023 edit

See also: Banking in Switzerland § Loopholes

In 2014, Credit Suisse pleaded guilty to conspiring with Americans to file false tax returns. Credit Suisse subsequently paid $2.6 billion in fines and restitution.[145] It was reported in 2022 that the US DOJ had opened an investigation into whether the bank continued to assist clients hide assets from tax authorities despite the terms of the 2014 settlement.[146] According to the DOJ in 2023, Credit Suisse violated a plea agreement with US authorities by failing to report secret offshore accounts that wealthy Americans used to avoid paying taxes.[147]

Malaysia Development Berhad scandal, 2015 edit

See also: 1Malaysia Development Berhad scandal

In September 2015 Hong Kong police began investigations regarding $250 million in Credit Suisse branch deposits in Hong Kong linked to former Malaysia's Prime Minister Najib Razak and Malaysian sovereign wealth fund, 1Malaysia Development Berhad (1MDB).[148] In 2017, Singapore fined Credit Suisse a total of S$0.7m (£0.4m, $0.5m, €0.45m).[149] In May 2017, Reuters reported that "Swiss financial watchdog FINMA ... had conducted "extensive investigations" into Credit Suisse's dealings surrounding 1MDB".[150] In 2019 FINMA issued a complaint to Credit Suisse.[151]

Mozambique secret loans scandal, 2017 edit

Main article: Tuna bonds

Between 2012 and 2016, Credit Suisse brokered US$1.3 billion of loans with Mozambican finance minister Manuel Chang, to develop the country's tuna fishing industry. The loans were issued as bonds to be paid off by the income from tuna fishing as well as the country's nascent natural gas industry. Chang lied to investors, his own government, the IMF and the banks issuing the loans, including Credit Suisse.[152] Credit Suisse was fined almost US$500 million by UK, US and European regulators for a lack of transparency in the issuing of the bonds, for kickbacks benefitting Credit Suisse bankers and for enabling loans likely to be embezzled by Mozambican officials, including Chang. In October 2021, Credit Suisse pled guilty to wire fraud and agreed to forgive US$200 million in debt owed by Mozambique to the bank.[153]

US Foreign Corrupt Practices Act violation, 2018 edit

On 5 July 2018, Credit Suisse agreed to pay a $47 million fine to the US Department of Justice and $30 million to resolve charges of the US Securities and Exchange Commission (SEC). The SEC's investigation said that the banking group sought investment banking business in the Asia-Pacific region by hiring and promoting more than one hundred Chinese officials and related people in violation of the Foreign Corrupt Practices Act.[154][155]

Climate controversy, 2018 edit

See also: Climate justice
 
Credit Suisse invests in fossil fuels, including coal-fired power stations.

In November 2018, about a dozen climate activists played tennis inside Credit Suisse agencies (of Lausanne, Geneva and Basel simultaneously), disrupting operations as a protest against the bank's investments in fossil fuels.[156][157] Credit Suisse lodged a complaint and the activists from Lausanne were tried in January 2020 and fined 21,600 CHF. They were later cleared of all charges in what a Swiss media outlet considered a 'historical decision'.[158][159][156][157][160]

The tennis theme was chosen to urge Swiss tennis star Roger Federer to break his connection with Credit Suisse as a sponsor due to the company's participating in the climate crisis (notably by multiplying 16-fold its financing for coal from 2016 to 2017).[156][157] On 11 January 2020, Federer published a statement saying: "[...] I have a great deal of respect and admiration for the youth climate movement, and I am grateful to young climate activists for pushing us all to examine our behaviours", and further committed to a dialogue with his sponsors on social issues.[161]

On 24 January 2020, following the trial, the climate activist group emitted a press statement requesting a transparent, televised debate with the CEO of Credit Suisse. With no answer from the bank, they created a website under the name "DiscreditSuisse" hosting content pertaining to Credit Suisse's record on climate issues.[162]

Private spying scandal, 2019 edit

In 2019, a senior executive who was leaving the firm discovered that Pierre-Olivier Bouée, the chief operating officer (COO) of Credit Suisse at the time, had hired private detectives to follow him to see if he was wooing Credit Suisse clients.[163] Bouée was fired, and a private investigator involved in the surveillance apparently killed himself.[163]

Greensill Capital, 2021 edit

Main article: Greensill Capital

In March 2021, Credit Suisse closed and liquidated several supply-chain investment funds tied to the activities of Greensill Capital. The investors in the funds, which totalled assets of approximately $10 billion, were expected to lose $3 billion as of March 2021.[164] Credit Suisse has returned around $5.9 billion to investors in its Greensill-linked funds.[165]

Archegos Capital, 2021 edit

In April 2021, at least seven executives were removed from their posts after Credit Suisse reported losses of $4.7 billion linked to its prime brokerage services provided to Archegos Capital. The executives who departed included Lara Warner, the group's chief risk and compliance officer, and Brian Chin, head of the investment bank.[166] Just prior to Credit Suisse's 2021 Annual General Meeting, Andreas Gottschling, head of the board's risk committee, also stood down.[167] In July 2023, Credit Suisse's parent UBS was fined $269 million by the Federal Reserve and $119 million by the Bank of England for its failure in risk management.[168]

Forex manipulations conviction, 2021 edit

In 2021, Credit Suisse was fined €83.3 million for forex rates manipulation by the European Union Commission on Competition because of its participation in a cartel detrimental to EU consumers and involving several other large international banks.[169][170] In October 2022, a US jury found that Credit Suisse did not collude with other banks to manipulate forex rates, in a class-action trial.[171][172]

Drug money laundering scandal, 2022 edit

On 7 February 2022, it was announced that Credit Suisse would be tried in the first criminal trial of a major bank in Switzerland. Swiss prosecutors are seeking around 42 million Swiss francs ($45 million) in compensation from Credit Suisse for allowing a Bulgarian cocaine trafficking gang around Evelin Banev to launder millions of Euros of cash between 2004 and 2008.[173] On 27 June 2022, the bank as well as one of its former employees was found guilty by the Federal Criminal Court of Switzerland for not doing enough to prevent the crime from taking place.[174] The court imposed a fine of CHF 2 million and ordered the confiscation of assets worth more than CHF 12 million that the drug gang held in accounts at the bank; and to relinquish over CHF 19 million — the amount that could not be confiscated due to internal deficiencies at the bank.[174] The bank said it would appeal against the verdict.[174]

Suisse secrets leak, 2022 edit

Main article: Suisse Secrets

In February 2022, details of 30,000 customers holding over 100bn Swiss francs (£80bn) in accounts at the bank were leaked to the Süddeutsche Zeitung, and became known as "Suisse Secrets".[175] Among those with accounts at the bank were a human trafficker,[176] a torturer, drug traffickers and a Vatican-run account that allegedly invested €350m fraudulently in London property.[175] On 20 February, Credit Suisse said it "strongly rejects" allegations of wrongdoing.[177]

Russian oligarch loans documents destruction after invasion of Ukraine, 2022 edit

Following Swiss sanctions on Russia during the 2022 Russian invasion of Ukraine, Credit Suisse issued legal requests asking hedge funds and other investors to destroy documents linking Russian oligarchs to yacht loans, a move for which they faced considerable criticism.[178] The US House Oversight Committee launched a probe into the firm demanding documents linked to the bank's compliance with sanctions on Russian oligarchs.[179]

Social media rumours, 2022 edit

In early October 2022, Credit Suisse stocks came under considerable pressure when rumours on social media projected the demise of the bank. According to financial analysts, the bank has a “strong capital base and liquidity position”. Nevertheless, the Swiss National Bank vowed to follow the situation closely. European finance experts in particular talked of a "self-fulfilling risk" since liquidity is not a problem for the Swiss bank. CS had suffered severe losses in 2021 from the Archegos and Greensill financial scandals that implicated former Archegos executives with racketeering conspiracy, securities fraud and wire fraud.[180]

On 7 October 2022, the bank offered to buy back US$3 billion worth of debt, and put Zurich's Savoy Hotel on sale, which was later purchased by wealthy Arab officials.[181] The bank's current chairman, Axel Lehmann, also assured investors that the bank was stable after wealthy clients began moving their assets out of the bank.[182] In the fall-out from the falling stock prices, insiders believed that Saudi prince Mohammed bin Salman was looking to invest almost US$500 million into the bank, but had to withdraw his offer due to regulatory concerns.[183]

NSDAP accounts, 2023 edit

In 2023 Credit Suisse stopped internal investigation into its Nazi clients and other Nazi-linked accounts facing much condemnation of the U.S. Senate Budget Committee and Holocaust survivors among others.[184] According to the most recent Senate report at least 14 of these stayed open until 2000s.[185] In 1996 and 1997, both the Bergier Commission and the Volcker Committee had investigated the same remaining accounts related to the Swiss banks' dealing with Nazi Germany. Those settlements had resulted in the payment of USD 1.288 billion by UBS, Credit Suisse and other Swiss banks to 458,400 Holocaust victims, and 198,000 victims of the Slave Labor Class action lawsuit.[186]

Work environment edit

Credit Suisse is more internationally minded than most European banks.[30][133] According to WetFeet's Insider Guide, Credit Suisse offers more travel opportunities, greater levels of responsibility and more client interaction than new employees get at competing firms but is known for long hours. Analysts report 60- to 110-hour work-weeks.[citation needed]

Roles and responsibilities are less stringent and the environment is pleasant despite hours being "the most grueling on Wall Street".[187] Vault's Insider's Guide reached similar conclusions, noting above-average training, executive access and openness matched with reports of 80- to 100-hour work-weeks.[133]

In 2023, the bank made moves to pay bonuses to top executives and senior bankers upfront but included an added condition that they needed to stay with the bank for three years or else they would need to pay the bonus, or some of the bonus, back to the company.[188][189] Later the Swiss federal government, as well as the last General Assembly of Credit Suisse shareholders voted to withdraw or seriously reduce bonus payments to top management.[190]

See also edit

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External links edit

  • Official website  
  • Business data for Credit Suisse:
    • Bloomberg
    • Google
    • Reuters
    • SEC filings
    • Yahoo!

47°22′12″N 08°32′19″E / 47.37000°N 8.53861°E / 47.37000; 8.53861

April 06, 2024
credit, suisse, group, french, pronunciation, kʁe, sɥis, swiss, credit, global, investment, bank, financial, services, firm, founded, based, switzerland, headquartered, zürich, maintains, offices, major, financial, centers, around, world, provides, services, i. Credit Suisse Group AG French pronunciation kʁe di sɥis lit Swiss Credit was a global investment bank and financial services firm founded and based in Switzerland Headquartered in Zurich it maintains offices in all major financial centers around the world and provides services in investment banking private banking asset management and shared services It is known for strict bank client confidentiality and banking secrecy The Financial Stability Board considers it to be a global systemically important bank Credit Suisse is also a primary dealer and Forex counterparty of the Federal Reserve in the United States Credit Suisse Group AGHeadquarters on Paradeplatz in Zurich designed by architect Jakob Friedrich Wanner and inaugurated in 1876 1 FormerlySchweizerische KreditanstaltCompany typeSubsidiaryISINCH0012138530IndustryFinancial servicesFounded5 July 1856 167 years ago 1856 07 05 2 FounderAlfred EscherAllgemeine Deutsche Credit AnstaltHeadquartersZurich SwitzerlandArea servedWorldwideKey peopleAxel Lehmann chairman 3 4 Ulrich Korner CEO 5 ProductsInvestment and private banking asset managementRevenueCHF 14 92 billion 2022 6 Operating incomeCHF 3 2 billion 2022 6 Net incomeCHF 7 3 billion 2022 6 AUMCHF 1 29 trillion 2022 6 Total assetsCHF 531 4 billion 2022 6 Total equityCHF 45 13 billion 2022 6 Number of employees50 480 end 2022 6 ParentUBS Group AGCapital ratio14 1 end 2022 CET1 6 RatingS amp P BBB Fitch BBB 7 Moody s Baa2 8 Websitecredit suisse comCredit Suisse was founded in 1856 to fund the development of Switzerland s rail system It issued loans that helped create Switzerland s electrical grid and the European rail system In the 1900s it began shifting to retail banking in response to the elevation of the middle class and competition from fellow Swiss banks UBS and Julius Bar Credit Suisse partnered with First Boston in 1978 before buying a controlling share of the bank in 1988 From 1990 to 2000 the company purchased institutions such as Winterthur Group Swiss Volksbank Swiss American Securities Inc SASI and Bank Leu The company was one of the least affected banks during the global financial crisis but afterwards began shrinking its investment business executing layoffs and cutting costs The bank was at the center of multiple international investigations for tax avoidance such as the famous Suisse Secrets scandal which culminated in a guilty plea and the forfeiture of US 2 6 billion in fines from 2008 to 2012 9 10 By the end of 2022 Credit Suisse had approximately CHF 1 3 trillion in assets under management 6 On 19 March 2023 following negotiations with the Swiss government UBS announced its intent to acquire Credit Suisse for 3 25 billion CHF 3 billion in order to prevent the bank s collapse 11 12 13 UBS completed the acquisition in June 2023 14 Contents 1 History 1 1 Early history 1 2 Acquisitions growth and First Boston 1 3 Post financial crisis 1 4 Collapse 1 5 Post acquisition 1 6 Leadership history 1 6 1 Chairpeople 1 6 2 Chief executives 2 Corporate structure 3 Ownership 4 Financial products 5 Reputation and rankings 6 Controversies 6 1 Mismarking 2007 6 2 International Emergency Economic Powers Act and New York State Law violations 2009 6 3 US tax fraud conspiracy 2014 2023 6 4 Malaysia Development Berhad scandal 2015 6 5 Mozambique secret loans scandal 2017 6 6 US Foreign Corrupt Practices Act violation 2018 6 7 Climate controversy 2018 6 8 Private spying scandal 2019 6 9 Greensill Capital 2021 6 10 Archegos Capital 2021 6 11 Forex manipulations conviction 2021 6 12 Drug money laundering scandal 2022 6 13 Suisse secrets leak 2022 6 14 Russian oligarch loans documents destruction after invasion of Ukraine 2022 6 15 Social media rumours 2022 6 16 NSDAP accounts 2023 7 Work environment 8 See also 9 References 10 External linksHistory editEarly history edit nbsp Schweizerische Kreditanstalt headquarters in 1895 nbsp Share of the Schweizerische Kreditanstalt in Zurich issued 31 May 1898 nbsp The inside of a Credit Suisse building in the 1930s nbsp Logo in 1972Credit Suisse s founder Alfred Escher was called the spiritual father of the railway law of 1852 for his work defeating the idea of a state run railway system in Switzerland in favor of privatization 15 16 Escher founded Credit Suisse originally called the Swiss Credit Institution i e Schweizerische Kreditanstalt jointly with Allgemeine Deutsche Credit Anstalt on 5 July in 1856 17 primarily to provide domestic funding to railway projects avoiding French banks that wanted to exert influence over the railway system 18 Escher aimed to start the company with three million shares and instead sold 218 million shares in three days 19 The bank opened on 16 July 1856 and was modeled after Credit Mobilier a bank funding railway projects in France that was founded two years prior except Credit Suisse had a more conservative lending policy focused on short to medium term loans 18 In its first year of operation 25 percent of the bank s revenues was from the Swiss Northeastern Railway which was being built by Escher s company Nordostbahn 20 Credit Suisse played a substantial role in the economic development of Switzerland helping the country develop its currency system 19 funding entrepreneurs 16 and investing in the Gotthard railway which connected Switzerland to the European rail system in 1882 18 Credit Suisse helped fund the creation of Switzerland s electrical grid through its participation with Elektrobank now called Elektrowatt a coalition of organizations that co financed Switzerland s electrical grid 21 According to The Handbook on the History of European Banks Switzerland s young electricity industry came to assume the same importance as support for railway construction 40 years earlier 18 The bank also helped fund the effort to disarm and imprison French troops that crossed into Swiss borders in the 1870 Franco Prussian War 18 20 By the end of the war Credit Suisse had become the largest bank in Switzerland 19 Throughout the late 1800s Credit Suisse set up banking and insurance companies in Germany Brussels Geneva and others as SKA International with the bank as a shareholder of each company It created insurance companies like Swiss RE Swiss Life aka Rentenanstalt and Schweiz Credit Suisse had its first unprofitable year in 1886 due to losses in agriculture venture investments commodities and international trade The bank created its own sugar beet factory bought 25 000 shares in animal breeding ventures and supported an export business Schweizerische Exportgesellschaft that experienced heavy losses for over speculative investing 18 20 In the early 1900s Credit Suisse began catering to consumers and the middle class with deposit counters currency exchanges and savings accounts 20 The first branch outside of Zurich was opened in 1905 in Basel 16 The bank helped companies affected by World War I restructuring and extended loans for reconstruction efforts 18 22 During the 1920s depression net profits and dividends were halved and employees took salary cuts 23 After World War II a substantial portion of Credit Suisse s business was in foreign reconstruction efforts 23 Banks subsequently acquired by Credit Suisse have been linked to bank accounts used by members of the NSDAP in the 1930s 24 25 Holocaust survivors had problems trying to retrieve assets from relatives that died in concentration camps without death certificates 26 This led to a class action lawsuit in 1996 27 that settled in 2000 for 1 25 billion 28 29 30 31 The Agreement on the Swiss Banks Code of Conduct with Regard to the Exercise of Due Diligence was created in the 1970s 16 after a Credit Suisse branch in Chiasso was exposed for illegally funneling 900 million in Italian deposits to speculative investments 32 Acquisitions growth and First Boston edit nbsp Building at 1 Cabot Square on Canary Wharf developed by Credit Suisse First Boston for its London head office in the 1980s and inaugurated in 1991 nbsp Metropolitan Life North Building on Madison Square Credit Suisse First Boston s New York head office from the late 1990sIn 1978 White Weld amp Company dropped its partnership with Credit Suisse after it was bought by Merrill Lynch To replace the partnership with White Credit Suisse partnered with First Boston to create Credit Suisse First Boston in Europe and bought a 44 percent stake in First Boston s US operations 33 In 1987 the Group acquired the blue chip London stockbrokers Buckmaster amp Moore originally established by aristocrat Charles Armytage Moore and sportsman Walter Buckmaster who had met at Repton School As stockbrokers they were very well connected had developed a good private client business which at one time included John Maynard Keynes Other Credit Suisse First Boston brands were later created in Switzerland Asia London New York and Tokyo 34 35 According to an article in The New York Times First Boston became the superstar of the Euromarkets by buying stakes in American companies that wanted to issue bonds 35 In 1988 First Boston loaned 487 million to Gibbons and Green for the purchase of the Ohio Mattress Company which was purchased at twenty times its annual revenue Gibbons had also borrowed 475 million in junk bonds When the junk bonds market crashed the following year Gibbons couldn t repay First Boston 19 Credit Suisse injected 725 million to keep First Boston in business 36 which ultimately led to the company being taken over by Credit Suisse citation needed This became known as the burning bed deal because the Federal Reserve overlooked the Glass Steagall Act that requires separation between commercial and investment banks in order to preserve the stability of the financial markets 19 In the late 1990s Credit Suisse executed an aggressive acquisition strategy 16 The bank acquired Bank Leu known as Switzerland s oldest bank in 1990 37 38 In 1993 Credit Suisse outbid UBS for a controlling stake in Switzerland s fifth largest bank Swiss Volksbank in a 1 1 billion deal 39 It also merged with Winterthur Group in 1997 for about 9 billion 40 and acquired the asset management division of Warburg Pincus amp Co in 1999 for 650 million 41 Donaldson Lufkin amp Jenrette was purchased for 11 5 billion in 2000 16 42 In 1996 Credit Suisse restructured as the Credit Suisse Group with four divisions Credit Suisse Volksbank later called Credit Suisse Bank for domestic banking Credit Suisse Private Banking Credit Suisse Asset Management and Credit Suisse First Boston for corporate and investment banking The restructure was expected to cost the company 800 million and result in 7 000 lost jobs but save 560 million a year 43 44 While Credit Suisse First Boston had been struggling Credit Suisse s overall profits had grown 20 percent over the prior year reaching 664 million 43 In 1999 Japan s Financial Supervisory Agency temporarily suspended the financial products division s license to operate in Japan for window dressing the practice of selling derivatives that are often used by bank clients to hide losses 45 In the 2000s Credit Suisse executed a series of restructures In 2002 the bank was consolidated into two entities Credit Suisse First Boston for investments and Credit Suisse Financial Services A third unit was added in 2004 for insurance 16 Credit Suisse restructured again in 2004 under what it calls the one bank model Under the restructuring every board had a mix of executives from all three divisions It also changed the compensation and commission models to encourage cross division referrals and created a solution partners group that functions between the investment and private banking divisions 46 Following the restructure Credit Suisse s private banking division grew 19 percent per year despite the economic crisis The firm bumped long time rival UBS off the number one position in Euromoney s private banking poll 46 In 2006 Credit Suisse acknowledged misconduct for helping Iran and other countries hide transactions from US authorities and paid a 536 million settlement 47 48 The same year it merged Bank Leu AG Clariden Holding AG Bank Hofmann AG and BGP Banca di Gestione Patrimoniale into a new company called Clariden Leu 49 The increasing importance of sustainability and the related commitments and liabilities of international standards such as the UNGC of which the bank is a member lead to increasingly sophisticated and ambitious risk management over the years Credit Suisse operates a process which since 2007 uses RepRisk a Swiss provider of ESG Risk analytics and metrics to screen and evaluate environmental and social risks of risky transactions and due diligence 50 In 2009 Yellowstone Club founder Tim Blixseth sued Credit Suisse when the bank attempted to collect on 286 million in loan debt during Yellowstone s bankruptcy proceedings 51 The debtor had borrowed more than 300 million for the business but used a large portion of it for personal use before eventually filing for bankruptcy 52 Four lawsuits were filed from other resorts seeking 24 billion in damages alleging Credit Suisse created loans with the intention of taking over their properties upon default 53 Post financial crisis editAccording to The Wall Street Journal in 2008 Credit Suisse survived the credit crisis better than many competitors 48 Credit Suisse had 902 million in writedowns for subprime holdings and the same amount for leveraged loans 54 but it did not have to borrow from the government 55 Along with other banks Credit Suisse was investigated and sued by US authorities in 2012 for bundling mortgage loans with securities misrepresenting the risks of underlying mortgages during the housing boom 56 57 Following the crisis Credit Suisse cut more than one trillion in assets and made plans to cut its investment banking arm 37 percent by 2014 It reduced emphasis on investment banking and focused on private banking and wealth management 58 59 In July 2011 Credit Suisse cut 2 000 jobs in response to a weaker than expected economic recovery 60 and later merged its asset management with the private bank group to cut additional costs 61 We sell bank safety not bank secrecy Being a safe haven in a world that is becoming increasingly dangerous and volatile is no bad place to be Tidjane Thiam chief executive of Credit Suisse in a 2018 interview with the Bloomberg Markets 62 A series of international investigations took place in the early 2000s regarding the use banking secrecy in Credit Suisse accounts for tax evasion In 2008 the Brazilian government investigated 13 former and current Credit Suisse employees 16 The investigation led to arrests that year and in 2009 as part of a larger crackdown in Brazil 63 64 Four Credit Suisse bankers were accused of fraud by the US Justice Department in 2011 for helping wealthy Americans avoid taxes 65 66 In 2012 German authorities found that citizens were using insurance policies of a Bermuda based Credit Suisse subsidiary to earn tax free interest 67 In November 2012 Credit Suisse s asset management division was merged with the private banking arm 68 In September 2012 the Swiss government gave banks like Credit Suisse permission to provide information to the US Justice Department for tax evasion probes 69 In February 2014 it agreed to pay a fine of 197 million after one of its businesses served 8 500 US clients without registering its activities leading to suspicion as to whether it was helping Americans evade taxes It was one of 14 Swiss banks under investigation 70 Separately in 2013 German authorities began to probe Credit Suisse its private bank subsidiary Clariden Leu and its regional subsidiary Neue Aargauer Bank for helping German citizens evade taxes 71 In 2012 the bank eventually entered into a 150 million settlement with the government 72 In March 2014 Credit Suisse denied claims it had been drawn into a Swiss competition probe investigating potential collusion to manipulate foreign exchange rates Forex scandal by various Swiss and foreign banks 73 In May 2014 Credit Suisse pleaded guilty to conspiring to aid tax evasion It was the most prominent bank to plead guilty in the United States since Drexel Burnham Lambert in 1989 and the largest to do so since the Bankers Trust in 1999 74 Credit Suisse conspired to help US citizens hide assets in offshore accounts in order to evade paying taxes When a bank engages in misconduct this brazen it should expect that the Justice Department will pursue criminal prosecution to the fullest extent possible as has happened here Attorney General Eric H Holder said at the time 10 Holder also said This case shows that no financial institution no matter its size or global reach is above the law Credit Suisse shares rose 1 on the day the 2 6 billion penalty was announced 75 In March 2015 it was announced that Tidjane Thiam the CEO of Prudential would leave to become the next CEO of Credit Suisse 76 In September 2016 Brian Chin was appointed Chief Executive of Global Markets and joined the executive board of the bank At this time it was also announced that Eric M Varvel was appointed president and CEO of Credit Suisse Holdings USA 77 As of 2018 share prices of Credit Suisse and other Swiss banks including UBS remained mostly stagnant or flat since the 2008 financial crisis This is seen as a result of the aftermath of the collapse of Lehman Brothers which caused a large loss in consumer and market participant trust and confidence in the banking industry The loss in confidence is reflected in the large loss of share prices across the Swiss banking sector after 2008 which have not recovered to pre financial crisis levels 78 In August 2019 Credit Suisse announced the formation of a new direct banking business unit under their Switzerland division Swiss Universal Bank SUB focusing on digital retail products The step is seen as a reaction to the emergence of FinTech competitors such as N26 or Revolut in Switzerland and shall help to better attract young clients 79 In July 2020 Thomas Gottstein the new CEO of the company announced restructuring it was influenced as a result of the trading surge in Q2 of 2020 amid the COVID 19 pandemic The planned restructuring is set to reduce costs and improve efficiencies and features some reverts of alterations brought by the previous CEO Thiam According to Gottstein These initiatives should also help to provide resilience in uncertain markets and deliver further upside when more positive economic conditions prevail 80 On 9 February 2023 the bank reported an annual loss of CHF 7 3 bn the biggest loss since the 2008 global financial crisis 81 On 14 March of that same year Credit Suisse published its annual report for 2022 saying it had identified material weaknesses in controls over financial reporting 82 Collapse edit Main article Acquisition of Credit Suisse by UBS nbsp Switzerland bonds Inverted yield curve in 2023 30 year 10 year 2 year 1 year 3 month Overnight nbsp Credit Suisse stock priceOn 15 March 2023 Credit Suisse share price dropped nearly 25 percent after Saudi National Bank its largest investor said it could not provide more financial assistance 83 The market price of the bank s unsecured bonds set for maturity in 2027 dropped to a low of 33 percent of their par value on that day down from being valued at 90 percent of their par value at the beginning of the month 84 85 Later in the same week Credit Suisse sought to shore up their finances by taking a loan of 50 billion Swiss francs from the Swiss National Bank SNB 86 87 the bank later proceeded to buy three billion Swiss francs of its own debt and to put the Baur en Ville hotel in Zurich for sale 88 However this intervention did not stop investors and customers from pulling their money out of Credit Suisse with outflows topping 10 billion Swiss francs during the week 89 90 and almost 69 billion approximately 61 billion Swiss francs in withdrawals during the first calendar quarter 91 The situation was so compromised that the SNB and the Swiss government started discussions to fast track the bank s acquisition by UBS 92 93 94 95 On 19 March 2023 UBS announced a deal had been reached to acquire Credit Suisse for US 3 25 billion CHF 3 billion in an all stock deal 96 European regulators have criticized the moral hazard of the AT1 bondholders suffering in the loss 97 of their capital rather than the shareholders of the bank 98 According to financial analysts economic sanctions imposed by Switzerland on Russian individuals and businesses had a significant impact on the demise of the bank According to Bloomberg News Credit Suisse held about 33 billion for Russian clients 50 more than UBS 99 In late April 2023 the political and economic fall out had been evaluated by a number of economic analysts particularly the resulting lack of banking competition in Switzerland s economy The take over by UBS had limited the choice of lenders particularly for smaller and medium sized companies Credit Suisse s international reach had affected the employment situation in Europe as well as other regions The Swiss economy as such also relies on a number of heavily capitalised state banks that have been a significant lender to those smaller enterprises particularly after the demise of CS 100 101 Post acquisition edit On 27 June 2023 UBS announced its intention to cut more than half of Credit Suisse s workforce 102 Leadership history edit Credit Suisse s leadership history unfolds through visionary leaders like Alfred Escher who founded the bank in 1856 Hermann Heller s international focus during 1909 1937 and August Rust s diversification from 1942 1967 laid crucial foundations Edwin Stopper s strategies in 1979 1990 brought challenges amid expansion into global markets Lukas Muhlemann s cost cutting efforts in 1993 2002 faced setbacks and Oswald Grubel grappled with restructuring post 2008 crisis during 2003 2013 Tidjane Thiam s wealth management focus in 2015 2020 faced external challenges leading to resignation Tomas Gottstein since 2020 tackles geopolitical tensions emphasizing sustainability while navigating regulatory changes for investor confidence Understanding Credit Suisse s leadership involves considering broader industry trends and key advisors beyond CEOs 103 Chairpeople edit Otto Aeppli March 1977 May 1983 Rainer Gut May 1983 May 2000 Lukas Muhlemann May 2000 December 2002 Walter Kielholz January 2003 April 2009 Hans Ulrich Doerig April 2009 April 2011 Urs Rohner April 2011 April 2021 Antonio Horta Osorio April 2021 January 2022 Axel Lehmann January 2022 presentChief executives edit Rainer Gut 1977 1983 Robert A Jeker de 1983 1993 Josef Ackermann 1993 1996 Lukas Muhlemann January 1997 December 2002 John J Mack January 2003 July 2004 Oswald Grubel January 2003 May 2007 co CEO with Mack in 2003 2004 Brady Dougan May 2007 June 2015 Tidjane Thiam June 2015 February 2020 Thomas Gottstein February 2020 July 2022 Ulrich Korner July 2022 presentCorporate structure edit nbsp 1 Macquarie Place skyscraper in Sydney with the Credit Suisse logo 2018Credit Suisse Group AG is organised as a joint stock company registered in Zurich that operates as a holding company It owns the Credit Suisse bank and other interests in the financial services business Credit Suisse is governed by a board of directors its shareholders and independent auditors The Board of Directors organise the annual General Meeting of Shareholders while investors with large stakes in the company determine the agenda Shareholders elect auditors for one year terms 104 approve the annual report and other financial statements and have other powers granted by law 104 Shareholders elect members of the board of directors to serve a three year term based on candidates nominated by the Chairman s and Governance Committee and the Board of Directors meet six times a year to vote on company resolutions 105 The Board sets Credit Suisse s business strategies and approves its compensation remuneration principles based on guidance from the compensation committee citation needed It also has the authority to create committees that delegate specific management functions citation needed Credit Suisse has two divisions Private Banking amp Wealth Management and Investment Banking A Shared Services department provides support functions like risk management legal IT and marketing to all areas Operations are divided into four regions Switzerland Europe the Middle East and Africa the Americas and the Asian Pacific Credit Suisse Private Banking has wealth management corporate and institutional businesses Credit Suisse Investment Banking handles securities investment research trading prime brokerage and capital procurement Credit Suisse Asset Management sells investment classes alternative investments real estate equities fixed income products and other financial products 106 On 9 May 2023 Credit Suisse announced that it would continue its banking operations but under the hospice of UBS in order to fulfill its financial obligations towards existing clients as well as employees of both banks CEO Ulrich Korner will join UBS s executive board 107 Ownership editIn August 2022 it was revealed that the largest shareholder of Credit Suisse was in fact American namely Harris Associates holding over 10 of the shares of the group Harris Associates itself is owned by French bank Natixis 108 As of 25 January 2023 Saudi National Bank an anchor investor held a 10 per cent stake Qatar Investment Authority QIA boosted its stake in the Credit Suisse Group to 6 87 per cent and Harris Associates reported a holding of below 3 per cent 109 Harris Associates reported having exited all its Credit Suisse positions by March 2023 110 Credit Suisse stock CS in the NYSE fell from 2 50 to 1 88 a share on 15 March 2023 111 On 19 March 2023 fellow Swiss bank group UBS agreed to buy Credit Suisse for more than US 3 billion 96 The purchase of Credit Suisse by UBS has reportedly averted a greater crisis according to SNB 112 Financial products editCredit Suisse products Wealth management Estate planningInsuranceTax planningPhilanthropyInvestment productsForeign exchangeLendingManaged accountsReal estate Investment banking SecuritiesEquity productsM amp AFixed incomeMutual fundsHedge fundsInvestment adviceCredit Suisse endorses a strategy called bancassurance of trying to be a single company that offers every common financial services product 113 114 The investment bank is intended for companies and wealthy individuals with more than 50 000 euro 115 Credit Suisse developed the CreditRisk model of risk assessment in loans which is focused exclusively on the chance of default based on the exogenous Poisson method 116 As of 2002 about 20 percent of Credit Suisse s revenue was from its insurance business it gained through the 1997 acquisition of Winterthur 117 The investment bank s insurance products are primarily popular in the domestic market and include auto fire property life disability pension and retirement products among others 118 Historically 20 40 percent of the bank s revenue has been from private banking services one of its higher profit margin divisions 119 Credit Suisse produces one of the six hedge funds following European stock indices that are used to evaluate the performance of the markets 120 121 The investment bank also has a 30 percent ownership in hedge fund investment firm York Capital Management York sells hedge funds independently to its own clients while Credit Suisse also offers them to private banking clients 122 Credit Suisse manages the financial instruments of the Dow Jones Credit Suisse long short equity index originally called Credit Suisse Tremont Hedge Fund Indexes 123 According to a 2011 article in Seeking Alpha Credit Suisse s investment managers favor financial technology and energy sector stocks 124 The bank s head of equity investments in Europe said the team focuses on value with an emphasis on free cashflow She also has an interest in companies undergoing management changes that may influence the stock price 125 According to a story in The Wall Street Journal the head of Credit Suisse s International Focus Fund keeps a portfolio of only 40 50 stocks instead of the industry norm of more than 100 126 Credit Suisse publishes its investment advice in four publications Compass Viewpoints Research and the Credit Suisse Investment Committee Report 127 On 5 May 2023 Credit Suisse announced it would buy Ecuadorian bonds worth 1 6 billion in a debt for nature swap that costs the Swiss bank only 644 million As a result the government of Ecuador pledged to spend about 18 million annually for two decades on conservation in the Galapagos islands a UNESCO world heritage site The bond purchase was below 55 of the purchase value and below 35 5 for the consecutive 5 year intervals after 2025 Underwriters for that deal is the Inter American Development Bank IDB and the U S International Development Finance Cooperation therefore limiting the risk for Credit Suisse The deal effectively saves Ecuador from liquidity shortages due to an estimated public debt of 66 8 billion In April 2020 Ecuador repaid 1 billion of loans made two years earlier by Goldman Sachs and Credit Suisse 128 Reputation and rankings editThe reputation of the bank is controversial From the 1940s until into the 2010s beside regular customers Credit Suisse offered criminals corrupt politicians and controversial secret service chiefs a safe haven for their assets despite all public declarations of a white money strategy 129 Until its acquisition by UBS in 2023 Credit Suisse was a member of Wall Street s bulge bracket a list of the largest and most profitable banks The company was one of the world s most important banks upon which international financial stability depends 130 131 The bank was also one of Fortune Magazine s most admired companies 132 As of 2004 Credit Suisse was first in volume of high yield transactions second for corporate high yield bond insurance and third for IPO underwriting 133 As of 2012 Credit Suisse was recognised as the world s best private bank by Euromoney s Global Private Banking Survey 134 and as the best European Equity Manager by Global Investors 125 In polls by Euromoney it has been ranked as the top private bank and the best bank in Switzerland 46 In 1995 the Securities Data Company ranked Credit Suisse as the fourth best place for financial advice for mergers and acquisitions in the US and sixth for domestic equity issues 43 Credit Suisse was recognized by the Asset Triple A Awards and in 2005 it was ranked as the second best prime broker by Institutional Investor 133 An investigation in February 2022 by The Guardian following the Suisse Secrets leaks revealed that Credit Suisse was holding bank accounts for many criminals fraudsters and corrupt politicians 135 In early September 2023 UBS had clearly profited from the takeover as its stocks were increasingly valuable From April to July UBS made a record profit of 29 2 billion CHF and its stocks which were initially depressed after the fusion were traded at much higher prices The record profit was based on the difference between the purchase price of Credit Suisse stocks and the apparently higher value of its assets 136 Controversies editMismarking 2007 edit In 2007 two Credit Suisse traders pleaded guilty to mismarking their securities positions to overvalue them by 3 billion avoid losses and increase their year end bonuses 137 138 139 Federal prosecutors and the Securities and Exchange Commission charged that the traders goal was to obtain lavish year end bonuses that the mismarking would lead to 140 141 The traders engaged in what The New York Times called a brazen scheme to artificially increase the price of bonds on their books to create fictitious profits 137 A team of traders facing an inquiry from Credit Suisse s internal controls Price Testing group justified their bond portfolio s inflated value by obtaining independent marks from other banks trading desks 137 142 The traders secured sham independent marks for illiquid securities that they held position in from friends who worked at other financial firms 141 137 142 Their friends generated prices that valued a number of bonds at the prices that the traders requested which the traders then recorded as the true value of the bonds 137 142 The bank was not charged in the case 137 Credit Suisse s outside auditor discovered the mismarkings during an audit 143 Credit Suisse took a 2 65 billion write down after discovering their traders mismarking 141 International Emergency Economic Powers Act and New York State Law violations 2009 edit On 16 December 2009 it was announced that the US Department of Justice DOJ reached a settlement with Credit Suisse over accusations that the bank assisted residents of International Emergency Economic Powers Act sanctioned countries to wire money in violation of the Act as well as New York law from 1995 to 2006 The settlement resulted in Credit Suisse forfeiting 536 million 144 US tax fraud conspiracy 2014 2023 edit See also Banking in Switzerland Loopholes In 2014 Credit Suisse pleaded guilty to conspiring with Americans to file false tax returns Credit Suisse subsequently paid 2 6 billion in fines and restitution 145 It was reported in 2022 that the US DOJ had opened an investigation into whether the bank continued to assist clients hide assets from tax authorities despite the terms of the 2014 settlement 146 According to the DOJ in 2023 Credit Suisse violated a plea agreement with US authorities by failing to report secret offshore accounts that wealthy Americans used to avoid paying taxes 147 Malaysia Development Berhad scandal 2015 edit See also 1Malaysia Development Berhad scandal In September 2015 Hong Kong police began investigations regarding 250 million in Credit Suisse branch deposits in Hong Kong linked to former Malaysia s Prime Minister Najib Razak and Malaysian sovereign wealth fund 1Malaysia Development Berhad 1MDB 148 In 2017 Singapore fined Credit Suisse a total of S 0 7m 0 4m 0 5m 0 45m 149 In May 2017 Reuters reported that Swiss financial watchdog FINMA had conducted extensive investigations into Credit Suisse s dealings surrounding 1MDB 150 In 2019 FINMA issued a complaint to Credit Suisse 151 Mozambique secret loans scandal 2017 edit Main article Tuna bonds Between 2012 and 2016 Credit Suisse brokered US 1 3 billion of loans with Mozambican finance minister Manuel Chang to develop the country s tuna fishing industry The loans were issued as bonds to be paid off by the income from tuna fishing as well as the country s nascent natural gas industry Chang lied to investors his own government the IMF and the banks issuing the loans including Credit Suisse 152 Credit Suisse was fined almost US 500 million by UK US and European regulators for a lack of transparency in the issuing of the bonds for kickbacks benefitting Credit Suisse bankers and for enabling loans likely to be embezzled by Mozambican officials including Chang In October 2021 Credit Suisse pled guilty to wire fraud and agreed to forgive US 200 million in debt owed by Mozambique to the bank 153 US Foreign Corrupt Practices Act violation 2018 edit On 5 July 2018 Credit Suisse agreed to pay a 47 million fine to the US Department of Justice and 30 million to resolve charges of the US Securities and Exchange Commission SEC The SEC s investigation said that the banking group sought investment banking business in the Asia Pacific region by hiring and promoting more than one hundred Chinese officials and related people in violation of the Foreign Corrupt Practices Act 154 155 Climate controversy 2018 edit See also Climate justice nbsp Credit Suisse invests in fossil fuels including coal fired power stations In November 2018 about a dozen climate activists played tennis inside Credit Suisse agencies of Lausanne Geneva and Basel simultaneously disrupting operations as a protest against the bank s investments in fossil fuels 156 157 Credit Suisse lodged a complaint and the activists from Lausanne were tried in January 2020 and fined 21 600 CHF They were later cleared of all charges in what a Swiss media outlet considered a historical decision 158 159 156 157 160 The tennis theme was chosen to urge Swiss tennis star Roger Federer to break his connection with Credit Suisse as a sponsor due to the company s participating in the climate crisis notably by multiplying 16 fold its financing for coal from 2016 to 2017 156 157 On 11 January 2020 Federer published a statement saying I have a great deal of respect and admiration for the youth climate movement and I am grateful to young climate activists for pushing us all to examine our behaviours and further committed to a dialogue with his sponsors on social issues 161 On 24 January 2020 following the trial the climate activist group emitted a press statement requesting a transparent televised debate with the CEO of Credit Suisse With no answer from the bank they created a website under the name DiscreditSuisse hosting content pertaining to Credit Suisse s record on climate issues 162 Private spying scandal 2019 edit In 2019 a senior executive who was leaving the firm discovered that Pierre Olivier Bouee the chief operating officer COO of Credit Suisse at the time had hired private detectives to follow him to see if he was wooing Credit Suisse clients 163 Bouee was fired and a private investigator involved in the surveillance apparently killed himself 163 Greensill Capital 2021 edit Main article Greensill Capital In March 2021 Credit Suisse closed and liquidated several supply chain investment funds tied to the activities of Greensill Capital The investors in the funds which totalled assets of approximately 10 billion were expected to lose 3 billion as of March 2021 164 Credit Suisse has returned around 5 9 billion to investors in its Greensill linked funds 165 Archegos Capital 2021 edit In April 2021 at least seven executives were removed from their posts after Credit Suisse reported losses of 4 7 billion linked to its prime brokerage services provided to Archegos Capital The executives who departed included Lara Warner the group s chief risk and compliance officer and Brian Chin head of the investment bank 166 Just prior to Credit Suisse s 2021 Annual General Meeting Andreas Gottschling head of the board s risk committee also stood down 167 In July 2023 Credit Suisse s parent UBS was fined 269 million by the Federal Reserve and 119 million by the Bank of England for its failure in risk management 168 Forex manipulations conviction 2021 edit In 2021 Credit Suisse was fined 83 3 million for forex rates manipulation by the European Union Commission on Competition because of its participation in a cartel detrimental to EU consumers and involving several other large international banks 169 170 In October 2022 a US jury found that Credit Suisse did not collude with other banks to manipulate forex rates in a class action trial 171 172 Drug money laundering scandal 2022 edit On 7 February 2022 it was announced that Credit Suisse would be tried in the first criminal trial of a major bank in Switzerland Swiss prosecutors are seeking around 42 million Swiss francs 45 million in compensation from Credit Suisse for allowing a Bulgarian cocaine trafficking gang around Evelin Banev to launder millions of Euros of cash between 2004 and 2008 173 On 27 June 2022 the bank as well as one of its former employees was found guilty by the Federal Criminal Court of Switzerland for not doing enough to prevent the crime from taking place 174 The court imposed a fine of CHF 2 million and ordered the confiscation of assets worth more than CHF 12 million that the drug gang held in accounts at the bank and to relinquish over CHF 19 million the amount that could not be confiscated due to internal deficiencies at the bank 174 The bank said it would appeal against the verdict 174 Suisse secrets leak 2022 edit Main article Suisse Secrets In February 2022 details of 30 000 customers holding over 100bn Swiss francs 80bn in accounts at the bank were leaked to the Suddeutsche Zeitung and became known as Suisse Secrets 175 Among those with accounts at the bank were a human trafficker 176 a torturer drug traffickers and a Vatican run account that allegedly invested 350m fraudulently in London property 175 On 20 February Credit Suisse said it strongly rejects allegations of wrongdoing 177 Russian oligarch loans documents destruction after invasion of Ukraine 2022 edit Following Swiss sanctions on Russia during the 2022 Russian invasion of Ukraine Credit Suisse issued legal requests asking hedge funds and other investors to destroy documents linking Russian oligarchs to yacht loans a move for which they faced considerable criticism 178 The US House Oversight Committee launched a probe into the firm demanding documents linked to the bank s compliance with sanctions on Russian oligarchs 179 Social media rumours 2022 edit In early October 2022 Credit Suisse stocks came under considerable pressure when rumours on social media projected the demise of the bank According to financial analysts the bank has a strong capital base and liquidity position Nevertheless the Swiss National Bank vowed to follow the situation closely European finance experts in particular talked of a self fulfilling risk since liquidity is not a problem for the Swiss bank CS had suffered severe losses in 2021 from the Archegos and Greensill financial scandals that implicated former Archegos executives with racketeering conspiracy securities fraud and wire fraud 180 On 7 October 2022 the bank offered to buy back US 3 billion worth of debt and put Zurich s Savoy Hotel on sale which was later purchased by wealthy Arab officials 181 The bank s current chairman Axel Lehmann also assured investors that the bank was stable after wealthy clients began moving their assets out of the bank 182 In the fall out from the falling stock prices insiders believed that Saudi prince Mohammed bin Salman was looking to invest almost US 500 million into the bank but had to withdraw his offer due to regulatory concerns 183 NSDAP accounts 2023 edit In 2023 Credit Suisse stopped internal investigation into its Nazi clients and other Nazi linked accounts facing much condemnation of the U S Senate Budget Committee and Holocaust survivors among others 184 According to the most recent Senate report at least 14 of these stayed open until 2000s 185 In 1996 and 1997 both the Bergier Commission and the Volcker Committee had investigated the same remaining accounts related to the Swiss banks dealing with Nazi Germany Those settlements had resulted in the payment of USD 1 288 billion by UBS Credit Suisse and other Swiss banks to 458 400 Holocaust victims and 198 000 victims of the Slave Labor Class action lawsuit 186 Work environment editCredit Suisse is more internationally minded than most European banks 30 133 According to WetFeet s Insider Guide Credit Suisse offers more travel opportunities greater levels of responsibility and more client interaction than new employees get at competing firms but is known for long hours Analysts report 60 to 110 hour work weeks citation needed Roles and responsibilities are less stringent and the environment is pleasant despite hours being the most grueling on Wall Street 187 Vault s Insider s Guide reached similar conclusions noting above average training executive access and openness matched with reports of 80 to 100 hour work weeks 133 In 2023 the bank made moves to pay bonuses to top executives and senior bankers upfront but included an added condition that they needed to stay with the bank for three years or else they would need to pay the bonus or some of the bonus back to the company 188 189 Later the Swiss federal government as well as the last General Assembly of Credit Suisse shareholders voted to withdraw or seriously reduce bonus payments to top management 190 See also edit nbsp Banks portalBanking in Switzerland Banco Garantia First Boston Corporation World Jewish Congress lawsuit against Swiss banks 1995References edit Andre Roegger Paradeplatz Zurich Credit Suisse Who we are Credit Suisse Retrieved 21 March 2023 Larsen Peter Thal 17 January 2022 New Credit Suisse chair has grim streak to break Reuters com Archived from the original on 17 January 2022 Retrieved 17 January 2022 Violations de la quarantaine Antonio Horta Osorio quitte la presidence de Credit Suisse Tdg ch 17 January 2022 Archived from the original on 17 January 2022 Retrieved 17 January 2022 Credit Suisse CEO resigns as bank posts 2Q loss Associated Press News 27 July 2022 Archived from the original on 27 July 2022 Retrieved 27 July 2022 a b c d e f g h i Earnings Release 4Q22 PDF Credit Suisse Archived PDF from the original on 9 February 2023 Retrieved 9 February 2022 Fitch Downgrades Credit Suisse 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Analysis Using Excel and VBA John Wiley amp Sons p 250 ISBN 978 1 119 94563 5 Credit Suisse s Top Holdings A Brief Analysis Seeking Alpha 29 March 2011 Archived from the original on 6 February 2013 Retrieved 21 October 2012 a b Marshall Julian 1999 Best European Equity Manager Credit Suisse Asset Management Global Investor 119 15 Ceron Gaston 9 April 2002 Credit Suisse Fund Manager Tries to Do More With Less The Wall Street Journal p C27 Investment Strategy Credit Suisse Archived from the original on 3 November 2012 Retrieved 21 November 2012 Campos Rodrigo Jones Marc 5 May 2023 Ecuador frees cash for Galapagos conservation with 1 6 billion bond buyback Reuters Retrieved 6 May 2023 tagesschau de Suisse Secrets Credit Suisse und ihre kriminellen Kunden tagesschau de in German Archived from the original on 20 February 2022 Retrieved 20 February 2022 Eavis Peter 1 November 2012 The List That Big Banks Don t Wish to Be On The New York Times DealBook Archived from the original on 8 November 2012 Retrieved 21 November 2012 Update of group of global systemically important banks G SIBs PDF Financial Stability Board 1 November 2012 Archived from the original PDF on 19 November 2012 Retrieved 19 November 2012 World s Most Admired Companies Credit Suisse CNN Money 2011 Archived from the original on 11 November 2012 Retrieved 21 November 2012 a b c d Loosvelt Derek 2006 Vault Guide to the Top Financial Services Employers Vault p 134 ISBN 978 1 58131 416 8 Credit Suisse retains crown as top global private bank in benchmark Euromoney survey Euromoney 7 February 2012 Archived from the original on 3 December 2013 Retrieved 29 November 2012 Pegg David Makortoff Kalyeena Chulov Martin Lewis Paul Harding Luke 20 February 2022 Revealed Credit Suisse leak unmasks criminals fraudsters and corrupt politicians The Guardian Retrieved 14 May 2023 Probstl Georg UBS Die Aktie ist nach oben ausgebrochen cash in Swiss High German Retrieved 4 September 2023 a b c d e f Peter Lattman and Peter Eavis 2 February 2012 3 Former Traders at Credit Suisse Charged With Bond Fraud DealBook Archived from the original on 30 November 2020 Retrieved 8 November 2020 Lattman Peter 12 April 2013 Former Credit Suisse Executive Pleads Guilty to Inflating the Value of Mortgage Bonds DealBook Archived from the original on 21 April 2020 Retrieved 8 November 2020 Jacob Gaffney 1 February 2012 SEC charges four Credit Suisse bankers in subprime bond fraud Housing Wire Archived from the original on 14 August 2021 Retrieved 8 November 2020 SEC Charges Former Credit Suisse Investment Bankers in Subprime Bond Pricing Scheme During Credit Crisis SEC gov 1 February 2012 Archived from the original on 11 November 2020 Retrieved 8 November 2020 a b c Former Credit Suisse traders charged with fraud US prosecutors charged three former Credit Suisse traders with inflating the value of mortgage bonds in 2007 as the housing market deteriorated saying they used the scheme to boost their year end bonuses Australian Financial Review 2 February 2012 Archived from the original on 14 August 2021 Retrieved 8 November 2020 a b c McGrath Joe 28 April 2023 Why Do Good People Do Bad Things A Multi Level Analysis of Individual Organizational and Structural Causes of White Collar Crime Seattle University Law Review Archived from the original on 11 November 2020 Retrieved 6 November 2023 Andrew Hurst 19 February 2008 Credit Suisse reveals 2 85 billion write downs Reuters Archived from the original on 15 November 2020 Retrieved 8 November 2020 Credit Suisse Agrees to Forfeit 536 Million in Connection with Violations of the International Emergency Economic Powers Act and New York State Law Justice gov 16 December 2009 Archived from the original on 10 April 2020 Retrieved 10 April 2020 Drucker Jesse Hubbard Ben 20 February 2022 Vast Leak Exposes How Credit Suisse Served Strongmen and Spies The New York Times ISSN 0362 4331 Archived from the original on 20 February 2022 Retrieved 20 February 2022 Credit Suisse faces U S tax probe senate inquiry Bloomberg News Reuters 11 October 2022 Retrieved 20 March 2023 Keaten Jamey Bonnell Courtney 29 March 2023 US Credit Suisse violates deal on rich clients tax evasion ABC News Retrieved 31 March 2023 Hong Kong police launch probe into US 250 million linked to Najib 11 September 2015 Archived from the original on 28 September 2015 Hastings Kirsten 30 May 2017 Credit Suisse and UOB fined as 1MDB probe hits two years Archived from the original on 5 March 2022 Retrieved 5 March 2022 Singapore fines Credit Suisse UOB over 1MDB linked dealings wraps up review Reuters 30 May 2017 Archived from the original on 17 September 2020 Retrieved 15 September 2020 Swiss bankers fined over 1MDB dealings SWI swissinfo ch 25 November 2019 Archived from the original on 16 September 2020 Retrieved 15 September 2020 Mozambique fell prey to the promise of fabulous wealth now it can t pay nurses The Guardian 27 January 2017 Archived from the original on 8 November 2021 Retrieved 8 November 2021 Credit Suisse fined 350m over Mozambique tuna bonds loan scandal The Guardian Archived from the original on 25 January 2022 Retrieved 8 November 2021 SEC gov SEC Charges Credit Suisse With FCPA Violations sec gov Archived from the original on 14 February 2019 Retrieved 14 February 2019 Robinson Matt Hurtado Patricia 5 July 2018 Credit Suisse to Pay 77 Million to Settle Princeling Probes Bloomberg News Archived from the original on 14 February 2019 Retrieved 13 April 2023 a b c 12 Climate Activists on Trial for Stunt at Swiss Bank Office The New York Times Associated Press 7 January 2020 Retrieved 9 January 2020 a b c Fossil fuel investments Climate activists on trial over Credit Suisse tennis stunt Swissinfo Reuters 8 January 2020 Archived from the original on 9 January 2020 Retrieved 9 January 2020 Le Temps Climate Activists put Credit Swiss on its knees Archived from the original on 23 May 2020 Retrieved 28 April 2020 24Heures Historical acquittal for climate activists Archived from the original on 29 April 2020 Retrieved 28 April 2020 a href Template Cite news html title Template Cite news cite news a CS1 maint numeric names authors list link Payer Andres 26 May 2020 Klimawandel als strafrechtlicher Notstand The Climate Necessity Defense in Swiss Criminal Law SSRN 3630780 Archived from the original on 19 March 2023 Retrieved 16 March 2023 via papers ssrn com Roger Federer responds to climate crisis criticism from Greta Thunberg The Guardian 12 January 2020 Archived from the original on 12 January 2020 Retrieved 12 January 2020 Credit Suisse fossil bank Archived from the original on 3 August 2020 Retrieved 22 August 2020 a b Credit Suisse chief operating officer fired over spying scandal the Guardian 1 October 2019 Archived from the original on 10 February 2021 Retrieved 6 April 2021 Walker Owen Morris Stephen 25 March 2021 Credit Suisse pegs potential Greensill fund losses at 3bn Financial Times Archived from the original on 6 April 2021 Retrieved 8 April 2021 Credit Suisse repays another 400 mln to Greensill linked fund investors Reuters 6 August 2021 Archived from the original on 6 August 2021 Retrieved 7 August 2021 Credit Suisse removes senior executives after 4 7bn Archegos losses The Financial Times Archived from the original on 8 April 2021 Retrieved 7 April 2021 Credit Suisse crisis worst yet for banking veteran Horta Osorio Reuters 30 April 2021 Archived from the original on 30 April 2021 Retrieved 1 May 2021 Illien Noele Revill John 24 July 2023 UBS agrees to pay 388 million over Credit Suisse s Archegos failings Reuters Retrieved 24 July 2023 Swiss banks implicated in trading cartel investigation Swissinfo ch 2 December 2021 Archived from the original on 4 December 2021 Retrieved 4 December 2021 Sterling Lads Forex Fix Earns Banks 390 Million in Fines Swissinfo ch Archived from the original on 4 December 2021 Retrieved 4 December 2021 Godoy Jody 20 October 2022 U S jury finds Credit Suisse did not rig forex market Reuters Retrieved 2 April 2023 Van Voris Bob 20 October 2022 Credit Suisse Cleared of Claims It Conspired to Fix FX Rates Bloomberg News Retrieved 2 April 2023 Neghaiwi Brenna Hughes Koltrowitz Silke 7 February 2022 Credit Suisse faces money laundering charges in Bulgarian cocaine traffickers trial Reuters Archived from the original on 7 February 2022 Retrieved 7 February 2022 a b c Carrel Paul 27 July 2022 Credit Suisse found guilty in cocaine cash laundering case Reuters Archived from the original on 28 June 2022 Retrieved 28 June 2022 a b Pegg David Makortoff Kalyeena Chulov Martin Lewis Paul Harding Luke 20 February 2022 Revealed Credit Suisse leak unmasks criminals fraudsters and corrupt politicians The Guardian Archived from the original on 22 February 2022 Retrieved 20 February 2022 Sampaio Leonardo December 2022 Suisse Secrets Credit Suisse s information leak under the Swiss Anti Money Laundering Act Credit Suisse denies wrongdoing after client data leaked to media Reuters 20 February 2022 Archived from the original on 20 February 2022 Retrieved 21 February 2022 Smith Robert 2 March 2022 Credit Suisse asks investors to destroy oligarch loans documents Financial Times Archived from the original on 2 March 2022 Retrieved 2 March 2022 Patrick Margot 28 March 2022 Lawmakers Launch Probe of Credit Suisse Compliance With Russia Sanctions The Wall Street Journal Archived from the original on 28 March 2022 Retrieved 28 June 2022 Smith Elliot 4 October 2022 Credit Suisse to remain under pressure but analysts wary of Lehman comparison CNBC Archived from the original on 6 October 2022 Retrieved 5 October 2022 Smith Elliot 7 October 2022 Credit Suisse to buy back 3 billion in debt sell landmark hotel as credit fears persist CNBC Archived from the original on 7 October 2022 Retrieved 7 October 2022 Credit Suisse business is stable chairman tells broadcaster SRF Reuters 5 December 2022 Archived from the original on 6 December 2022 Retrieved 6 December 2022 Halftermeyer Dinesh Nair and Marion 5 December 2022 Saudi crown prince eyes 747m investment in Credit Suisse unit The Sydney Morning Herald Archived from the original on 2 January 2023 Retrieved 2 January 2023 Prentice Chris 18 April 2023 Credit Suisse hampered internal probe into Nazi linked accounts U S senators say Reuters Retrieved 20 April 2023 Keaten Jamey 19 April 2023 Credit Suisse faulted over probe of Nazi linked accounts Associated Press Retrieved 20 April 2023 Swiss Banks Settlement In re Holocaust Victim Assets Litigation Swiss Bank Claims Retrieved 25 April 2023 25 Top Financial Services Firms WetFeet 2008 p 35 ISBN 978 1 58207 801 4 Ex Credit Suisse Bankers Weigh Legal Fights Over Bonus Clawbacks Bloomberg com 20 January 2023 Archived from the original on 20 January 2023 Retrieved 23 January 2023 Credit Suisse to pay upfront bonus to top staff Bloomberg Reuters 18 January 2023 Archived from the original on 23 January 2023 Retrieved 23 January 2023 Das war die letzte Generalversammlung der Credit Suisse Schweizer Radio und Fernsehen in German 4 April 2023 Retrieved 12 April 2023 External links editCredit Suisse at Wikipedia s sister projects nbsp Media from Commons nbsp Data from Wikidata Official website nbsp Business data for Credit Suisse BloombergGoogleReutersSEC filingsYahoo Portals nbsp Banks nbsp Companies nbsp Switzerland 47 22 12 N 08 32 19 E 47 37000 N 8 53861 E 47 37000 8 53861 Retrieved from https en wikipedia org w index php title Credit Suisse amp oldid 1217275337, wikipedia, wiki, book, books, library,

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