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