Credit Suisse

Credit Suisse Group AG is a global investment bank and financial services firm founded and based in Switzerland as a standalone firm but now a subsidiary of UBS. According to UBS, eventually Credit Suisse will be fully integrated into UBS but while the integration is not complete both banks are operating separately. Headquartered in Zürich, as a standalone firm it maintained offices in all major financial centers around the world and provided services in investment banking, private banking, asset management, and shared services. It was known for strict bank–client confidentiality and banking secrecy. The Financial Stability Board considered it to be a global systemically important bank. Credit Suisse was also a primary dealer and Forex counterparty of the Federal Reserve in the United States.
credit-suisse

Some of the key events about Credit Suisse

  • 1856
    Founded as "Schweizerische Kreditanstalt" to finance the development of Switzerland's railway system
  • 1870
    Opened its first foreign branch in New York City
  • 1932
    Participated in the "Aryanization" of Jewish-owned enterprises in Nazi Germany
  • 1942
    Established the Swiss Credit Institute for Economic and Social Research
  • 1976
    Violated Swiss banking laws by accepting large amounts of money from the Shah of Iran
  • 1978
    Became the first Swiss bank to be listed on the New York Stock Exchange
  • 1988
    Acquired The First Boston Corporation, expanding its investment banking capabilities
  • 1988
    Involved in the Iran-Contra affair by managing accounts used to funnel money to Nicaraguan rebels
  • 1993
    Launched Credit Suisse Asset Management, expanding its wealth management services
  • 2000
    Acquired Donaldson, Lufkin & Jenrette, further strengthening its position in investment banking
  • 2000
    Accused of withholding Holocaust victims' assets from their heirs
  • 2006
    Established the Microfinance Capacity Building Initiative to support financial inclusion
  • 2008
    Navigated the global financial crisis without requiring a government bailout
  • 2009
    Paid $536 million fine for violating U.S. sanctions against Iran
  • 2014
    Pleaded guilty to helping U.S. citizens evade taxes, paying $2.6 billion in fines
  • 2015
    Launched the Impact Advisory and Finance Department to focus on sustainable investing
  • 2017
    Agreed to pay $5.28 billion to settle U.S. mortgage securities case related to the 2008 financial crisis
  • 2019
    Involved in a corporate espionage scandal, spying on former executives
  • 2021
    Suffered major losses due to the collapse of Archegos Capital Management
  • 2022
    Faced criminal charges in Switzerland for allegedly failing to prevent money laundering by a Bulgarian cocaine trafficking gang

Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.

Credit Suisse Latest news

Mozambique's Economic Hurdles: Debt, Delayed Gas Projects Loom Over Election

Mozambique's Economic Hurdles: Debt, Delayed Gas Projects Loom Over Election

Mozambique faces economic challenges as presidential election approaches. High debt, delayed gas projects, and security issues threaten stability, while future hinges on oil and gas development amid waning investor interest.

Economics, Politics • October 8 2024, 05:08 AM  •  761 views
Mozambique's Elections: Frelimo's Grip Amid Insurgency and Economic Challenges

Mozambique's Elections: Frelimo's Grip Amid Insurgency and Economic Challenges

Mozambique prepares for elections as ruling party Frelimo faces ongoing insurgency and economic hurdles. Voters to decide amid stalled gas projects and climate threats in resource-rich nation.

Society, Economics, Politics • October 2 2024, 09:56 AM  •  15 views
New SNB Chief Faces Credit Suisse Fallout Amid Calls for Reform

New SNB Chief Faces Credit Suisse Fallout Amid Calls for Reform

Martin Schlegel takes helm at Swiss National Bank as parliamentary probe into Credit Suisse collapse nears conclusion. Critics question authorities' crisis management, while Schlegel pledges continuity in monetary policy.

Business, Economics, Politics • September 30 2024, 04:06 AM  •  961 views
UBS Tackles Credit Suisse Integration, Faces Growth Hurdles

UBS Tackles Credit Suisse Integration, Faces Growth Hurdles

UBS reports progress in Credit Suisse integration and cost-cutting, but faces challenges in wealth management growth. The bank's valuation remains steady amid uncertainties about its future performance.

Business, Economics • August 14 2024, 12:15 PM  •  400 views
Ex-Mozambique Minister Convicted in $2B 'Tuna Bonds' Fraud Case

Ex-Mozambique Minister Convicted in $2B 'Tuna Bonds' Fraud Case

Former Mozambique finance minister Manuel Chang found guilty in US court for involvement in $2 billion loan fraud. Case highlights corruption issues in the developing nation's fishing industry projects.

Economics, Politics • August 8 2024, 09:43 PM  •  738 views
UBS to Sell Former Credit Suisse Insurance-Linked Unit to Management

UBS to Sell Former Credit Suisse Insurance-Linked Unit to Management

UBS announces sale of Credit Suisse Insurance Linked Strategies to its management team. The deal, part of UBS's integration efforts following the 2023 acquisition, is set to close later this year.

Business, Economics • July 23 2024, 05:47 PM  •  1208 views