credit suisse


  • [23] Credit Suisse injected $725 million to keep First Boston in business,[40] which ultimately led to the company being taken over by Credit Suisse.

  • [62][63] In July 2011, Credit Suisse cut 2,000 jobs in response to a weaker than expected economic recovery[64] and later merged its asset management with the private bank
    group to cut additional costs.

  • [23] 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.

  • [60][61] 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.

  • — Tidjane Thiam, chief executive of Credit Suisse, in a 2018 interview with the Bloomberg Markets[66] A series of international investigations took place in the early 2000s
    regarding the use banking secrecy in Credit Suisse accounts for tax evasion.

  • [134] 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.

  • [69][70] In 2012, German authorities found that citizens were using insurance policies of a Bermuda-based Credit Suisse subsidiary to earn tax-free interest.

  • [106] 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.

  • [82] 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.

  • [16] Ownership In August 2022, it was revealed that the first shareholder of Credit Suisse is in fact American, namely Harris Associates, holding over 10% of the shares of
    the group.

  • [50] Following the restructure Credit Suisse’s private banking division grew 19 percent per year despite the economic crisis.

  • Headquartered in Zürich, it maintains offices in all major financial centers around the world and is one of the nine global “Bulge Bracket” banks providing services in investment
    banking, private banking, asset management, and shared services.

  • [72] In September 2012, the Swiss government gave banks like Credit Suisse permission to provide information to the US Justice Department for tax evasion probes.

  • [50] 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.

  • [23] The bank 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.

  • [citation needed] Credit Suisse has two divisions, Private Banking & Wealth Management and Investment Banking.

  • [121] 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.

  • [47] 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.

  • The biggest institutional shareholders of Credit Suisse include the Qatar Investment Authority and BlackRock (about 5% each), the US mutual fund providers Harris Associates
    (the largest shareholder as of August 2022, with 10.1%) and Dodge & Cox, the central bank of Norway and the Saudi Arabian Olayan Group.

  • “[84] Financial products Credit Suisse endorses a strategy called bancassurance of trying to be a single company that offers every common financial services product.

  • [132] 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.

  • In 2002 the bank was consolidated into two entities: Credit Suisse First Boston for investments and Credit Suisse Financial Services.

  • [81] As of 2018, share prices of Credit Suisse and other Swiss banks including UBS remained mostly stagnant or flat since the 2008 financial crisis.

  • [22][24] By the end of the war, Credit Suisse had become the largest bank in Switzerland.

  • [92][93] The investment bank also has a 30 percent ownership in hedge fund investment firm York Capital Management.

  • 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.

  • [133] Credit Suisse has returned around $5.9 billion to investors in its Greensill-linked funds.

  • [97] 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.

  • The SEC’s investigation said that the banking group sought banking-investment 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.

  • [91] Credit Suisse produces one of the six hedge funds following European stock indices that are used to evaluate the performance of the markets.

  • [22][24] The inside of a Credit Suisse building in the 1930s In the early 1900s Credit Suisse began catering to consumers and the middle-class with deposit counters, currency
    exchanges and savings accounts.

  • [136] 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.

  • [13] • Type: Public (Aktiengesellschaft); Traded as: SIX: CSGN, NYSE: CS (ADR); ISIN: CH0012138530; Industry: Financial services; Founded: 1856; 167 years ago; Founder: Alfred
    Escher, Allgemeine Deutsche Credit-Anstalt; Headquarters: Paradeplatz, Zürich, Switzerland; Area served: Worldwide; Key people: Axel Lehmann (Chairman)[1][2], Ulrich Körner, (CEO)[3]; Products: Investment and private banking, asset management;
    Revenue: SFr 14,92 billion (2022)[4]; Operating income: SFr 946 million (2021)[4]; Net income: SFr −7.3 billion (2022)[4]; AUM: SFr 1.61 trillion (2021)[4]; Total assets: SFr 755.8 billion (2021)[4]; Total equity: SFr 44.2 billion (2021)[4];
    Number of employees: 50,110 (end 2021)[4]; Capital ratio: 12.1% (Q2 2020, CET1) [5]; Rating: S&P: BBB-, Fitch: BBB[6], Moody’s: Baa2[7] Corporate structure Credit Suisse Group AG, is organised as a joint-stock company registered in Zürich
    that operates as a holding company.

  • [95] According to a 2011 article in SeekingAlpha, Credit Suisse’s investment managers favor financial, technology and energy sector stocks.

  • [32][33][34][35] The Agreement on the Swiss Banks’ Code of Conduct with Regard to the Exercise of Due Diligence was created in the 1970s,[20] after a Credit Suisse branch
    in Chiasso was exposed for illegally funneling $900 million in Italian deposits to speculative investments.

  • [8][9] 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

  • [96] The bank’s head of equity investments in Europe said the team focuses on “value with an emphasis on free cashflow”.

  • [104] As of 2012, Credit Suisse was recognised as the world’s best private bank by Euromoney’s Global Private Banking Survey[105] and as the best European Equity Manager by
    Global Investors.

  • [76] 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.

  • [57] Post-financial crisis[edit] According to The Wall Street Journal in 2008, “Credit Suisse survived the credit crisis better than many competitors.

  • [89] 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.

  • [24] Share of the Schweizerische Kreditanstalt in Zurich, issued 31 May 1898 Credit Suisse played a substantial role in the economic development of Switzerland, helping the
    country develop its currency system,[23] funding entrepreneurs[20] and investing in the Gotthard railway, which connected Switzerland to the European rail system in 1882.

  • [122] 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).

  • [106][107][108] 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.

  • [25] 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.

  • 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.

  • [20] Credit Suisse restructured again in 2004 under what it calls the “one bank” model.

  • [47][48] While Credit Suisse First Boston had been struggling, Credit Suisse’s overall profits had grown 20 percent over the prior year, reaching $664 million.

  • She also has an interest in companies undergoing management changes that may influence the stock price.

  • Credit Suisse had its first unprofitable year in 1886, due to losses in agriculture, venture investments, commodities, and international trade.

  • [104] Controversies 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.

  • of Justice 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.

  • [106][111] The traders secured sham “independent” marks for illiquid securities that they held position in from friends who worked at other financial firms.

  • [50] In 2006, Credit Suisse acknowledged misconduct for helping Iran and other countries hide transactions from US authorities and paid a $536 million settlement.

  • The firm bumped long-time rival UBS off the number one position in Euromoney’s private banking poll.

  • The company was one of the world’s most important banks, upon which international financial stability depends.

  • [85][86] The investment bank is intended for companies and wealthy individuals with more than 50,000 euro.

  • It owns the Credit Suisse bank and other interests in the financial services business.

  • Credit Suisse Group AG is a global investment bank and financial services firm founded and based in Switzerland.

  • York sells hedge funds independently to its own clients, while Credit Suisse also offers them to private banking clients.

  • In 2008, the Brazilian government investigated 13 former and current Credit Suisse employees.

  • [27] Banks subsequently acquired by Credit Suisse have been linked to bank accounts used by members of the NSDAP in the 1930s.

  • [73] 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.

  • 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.

  • 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.

  • [67][68] Four Credit Suisse bankers were accused of fraud by the US Justice Department in 2011 for helping wealthy Americans avoid taxes.

  • [19][20] Escher founded Credit Suisse (originally called the Swiss Credit Institution, i.e., Schweizerische Kreditanstalt) jointly with Allgemeine Deutsche Credit-Anstalt
    in 1856[21] primarily to provide domestic funding to railway projects, avoiding French banks that wanted to exert influence over the railway system.


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