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.
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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