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If you have a Wikipedia account, please log in. </p><p>If you do not have any other way to edit Wikipedia, you will need to <a href="/wiki/Wikipedia:IP_block_exemption#Requesting_and_granting_exemption" title="Wikipedia:IP block exemption">request an IP block exemption</a>. </p> <style data-mw-deduplicate="TemplateStyles:r1214851843">.mw-parser-output .hidden-begin{box-sizing:border-box;width:100%;padding:5px;border:none;font-size:95%}.mw-parser-output .hidden-title{font-weight:bold;line-height:1.6;text-align:left}.mw-parser-output .hidden-content{text-align:left}@media all and (max-width:500px){.mw-parser-output .hidden-begin{width:auto!important;clear:none!important;float:none!important}}</style><div class="hidden-begin mw-collapsible mw-collapsed" style=""><div class="hidden-title skin-nightmode-reset-color" style="text-align:center;">How to appeal if you are confident that your connection does not use a colocation provider's IP address:</div><div class="hidden-content mw-collapsible-content" style=""> If you are confident that you are not using a web host, you may <a href="/wiki/Wikipedia:Appealing_a_block" title="Wikipedia:Appealing a block">appeal this block</a> by adding the following text on your <a href="/wiki/Help:Talk_pages" title="Help:Talk pages">talk page</a>: <code>{{<a href="/wiki/Template:Unblock" title="Template:Unblock">unblock</a>|reason=Caught by a colocation web host block but this host or IP is not a web host. My IP address is _______. <i>Place any further information here.</i> ~~~~}}</code>. <b>You must fill in the blank with your IP address for this block to be investigated.</b> Your IP address can be determined <span class="plainlinks"><b><a class="external text" href="https://en.wikipedia.org/wiki/Wikipedia:Get_my_IP_address?withJS=MediaWiki:Get-my-ip.js">here</a></b></span>. Alternatively, if you wish to keep your IP address private you can use the <a href="/wiki/Wikipedia:Unblock_Ticket_Request_System" title="Wikipedia:Unblock Ticket Request System">unblock ticket request system</a>. 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This can be requested most easily at <a href="/wiki/Wikipedia:SPI#Quick_CheckUser_requests" class="mw-redirect" title="Wikipedia:SPI">SPI Quick Checkuser Requests</a>. <b>Unblocking</b> an IP or IP range with this template <b>is highly discouraged</b> without at least contacting the blocking administrator.</span> </p> </div></div> </div> <p>This block will expire on 18:23, 24 August 2026. Your current IP address is 8.222.208.146. </p> <div class="paragraphbreak" style="margin-top:0.5em"></div><div style="font-size: 16px;"> <p>Even when blocked, you will <i>usually</i> still be able to edit your <a href="/wiki/Special:MyTalk" title="Special:MyTalk">user talk page</a>, as well as <a href="/wiki/Wikipedia:Emailing_users" title="Wikipedia:Emailing users">email</a> administrators and other editors. </p> </div> <div class="paragraphbreak" style="margin-top:0.5em"></div><div style="font-size: 16px;"> <p>For information on how to proceed, please read the <b><a href="/wiki/Wikipedia:Appealing_a_block#Common_questions" title="Wikipedia:Appealing a block">FAQ for blocked users</a></b> and the <a href="/wiki/Wikipedia:Appealing_a_block" title="Wikipedia:Appealing a block">guideline on block appeals</a>. The <a href="/wiki/Wikipedia:Guide_to_appealing_blocks" title="Wikipedia:Guide to appealing blocks">guide to appealing blocks</a> may also be helpful. </p> </div> <p>Other useful links: <a href="/wiki/Wikipedia:Blocking_policy" title="Wikipedia:Blocking policy">Blocking policy</a> · <a href="/wiki/Help:I_have_been_blocked" title="Help:I have been blocked">Help:I have been blocked</a> </p> </div></li><li class="mw-permissionerror-globalblocking-blockedtext-range"> <div id="mw-blocked-text" style="border: 1px solid #AAA; background-color: var(--background-color-warning-subtle, ivory); color: inherit; padding: 1.5em; width: 100%; box-sizing: border-box;"> <div style="text-align: center;"><span style="font-size: 26px;"><span typeof="mw:File"><a href="/wiki/File:Stop_hand_nuvola.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/f/f1/Stop_hand_nuvola.svg/50px-Stop_hand_nuvola.svg.png" decoding="async" width="50" height="50" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f1/Stop_hand_nuvola.svg/75px-Stop_hand_nuvola.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f1/Stop_hand_nuvola.svg/100px-Stop_hand_nuvola.svg.png 2x" data-file-width="240" data-file-height="240" /></a></span><b> This IP address range has been <a href="https://meta.wikimedia.org/wiki/Global_blocks" class="extiw" title="m:Global blocks">globally blocked</a>.</b></span><br /><span style="font-size: 18px;">This does not affect your ability to <i>read</i> Wikipedia pages.</span></div><div class="paragraphbreak" style="margin-top:0.5em"></div><b>Most people who see this message have done nothing wrong.</b> Some kinds of blocks restrict editing from specific service providers or telecom companies in response to recent abuse or vandalism, and can sometimes affect other users who are unrelated to that abuse. Review the information below for assistance if you do not believe that you have done anything wrong.<div class="paragraphbreak" style="margin-top:0.5em"></div><div class="paragraphbreak" style="margin-top:0.5em"></div> <p>This block affects editing on all Wikimedia wikis. </p><p>The IP address or range 8.222.128.0/17 has been globally <a href="/wiki/Wikipedia:Blocking_policy" title="Wikipedia:Blocking policy">blocked</a> by <a href="/wiki/User:Jon_Kolbert" title="User:Jon Kolbert">‪Jon Kolbert‬</a> for the following reason(s): </p> <div style="padding:10px; background:var(--background-color-base, white); color:inherit; border:1px #666 solid;"> <p><a href="https://meta.wikimedia.org/wiki/Special:MyLanguage/NOP" class="extiw" title="m:Special:MyLanguage/NOP">Open proxy/Webhost</a>: See the <a href="https://meta.wikimedia.org/wiki/WM:OP/H" class="extiw" title="m:WM:OP/H">help page</a> if you are affected </p> </div> <p>This block will expire on 15:12, 27 August 2028. Your current IP address is 8.222.208.146. </p> <div class="paragraphbreak" style="margin-top:0.5em"></div><div style="font-size: 16px;"> <p>Even while globally blocked, you will <i>usually</i> still be able to edit pages on <a href="https://meta.wikimedia.org/wiki/" class="extiw" title="m:">Meta-Wiki</a>. </p> </div> <div class="paragraphbreak" style="margin-top:0.5em"></div><div style="font-size: 16px;"> <p>If you believe you were blocked by mistake, you can find additional information and instructions in the <a href="https://meta.wikimedia.org/wiki/Special:MyLanguage/No_open_proxies" class="extiw" title="m:Special:MyLanguage/No open proxies">No open proxies</a> global policy. Otherwise, to discuss the block please <a href="https://meta.wikimedia.org/wiki/Steward_requests/Global" class="extiw" title="m:Steward requests/Global">post a request for review on Meta-Wiki</a>. You could also send an email to the <a href="https://meta.wikimedia.org/wiki/Special:MyLanguage/Stewards" class="extiw" title="m:Special:MyLanguage/Stewards">stewards</a> <a href="https://meta.wikimedia.org/wiki/Special:MyLanguage/VRT" class="extiw" title="m:Special:MyLanguage/VRT">VRT</a> queue at <kbd>stewards@wikimedia.org</kbd> including all above details. </p> </div> <p>Other useful links: <a href="https://meta.wikimedia.org/wiki/Global_blocks" class="extiw" title="m:Global blocks">Global blocks</a> · <a href="/wiki/Help:I_have_been_blocked" title="Help:I have been blocked">Help:I have been blocked</a> </p> </div></li></ul><hr /> <div id="viewsourcetext">You can view and copy the source of this page:</div><textarea readonly="" accesskey="," id="wpTextbox1" cols="80" rows="25" style="" class="mw-editfont-monospace" lang="en" dir="ltr" name="wpTextbox1">{{Short description|Swiss multinational bank}} {{Good article}} {{Use dmy dates|date=March 2024}} {{Use American English|date=January 2020}} {{Infobox company | name = Credit Suisse Group AG | logo = Credit Suisse Logo 2022.svg | logo_size = 250px | image = [[File:Credit Suisse - Paradeplatz 2011-08-01 16-35-48 ShiftN.jpg|250px]] | image_caption = Headquarters on [[Paradeplatz]] in [[Zürich]], designed by architect [[Jakob Friedrich Wanner]] and inaugurated in 1876<ref>{{cite web |website=Credit Suisse |author=André Roegger |title=Paradeplatz - Zurich |url=https://www.credit-suisse.com/about-us/en/our-company/sponsorship/culture/fine-art/credit-suisse-collection/select-works/paradeplatz.html }}</ref> | former_name = Schweizerische Kreditanstalt | type = [[Subsidiary]] | parent = [[UBS|UBS Group AG]]  | ISIN = {{ISIN|sl=n|pl=y|CH0012138530}} | industry = [[Financial services]] | foundation = {{start date and age|1856|7|5|df=y}}<ref>{{Cite web |title=Who we are |url=https://www.credit-suisse.com/about-us/en/our-company/who-we-are.html |access-date=21 March 2023 |website=Credit Suisse |language=en}}</ref> | founders = {{ubl|{{ill|Albert Dufour-Féronce|de}}|[[Alfred Escher]]|[[Gustav Harkort|Gustaf Harkort]]}} | fate = Acquired by UBS to avoid bankruptcy in June 2023<ref>{{cite news |title=Credit Suisse: the rise and fall of the bank that built modern Switzerland |url=https://www.ft.com/content/072dd83d-232d-4223-9428-801d4437b4f6 |access-date=6 July 2024 |publisher=ft.com |date=24 March 2023}}</ref> | hq_location_city = [[Zürich]] | hq_location_country = Switzerland | area_served = Worldwide | key_people = {{ubl|[[Axel Lehmann]] ([[chairman]])<ref>{{cite web |url=https://www.reuters.com/breakingviews/new-credit-suisse-chair-has-grim-streak-break-2022-01-17/ |title=New Credit Suisse chair has grim streak to break |first=Peter Thal |last=Larsen |date=17 January 2022 |access-date=17 January 2022 |website=Reuters.com |archive-date=17 January 2022 |archive-url=https://web.archive.org/web/20220117044057/https://www.reuters.com/breakingviews/new-credit-suisse-chair-has-grim-streak-break-2022-01-17/ |url-status=live}}</ref><ref>{{cite web |url=https://www.tdg.ch/le-president-de-credit-suisse-antonio-horta-osorio-demissionne-467882452886 |title=Violations de la quarantaine – António Horta-Osório quitte la présidence de Credit Suisse |website=Tdg.ch |date=17 January 2022 |access-date=17 January 2022 |archive-date=17 January 2022 |archive-url=https://web.archive.org/web/20220117005149/https://www.tdg.ch/le-president-de-credit-suisse-antonio-horta-osorio-demissionne-467882452886 |url-status=live}}</ref>|[[Ulrich Körner]] ([[CEO]])<ref>{{cite news |url=https://apnews.com/article/48fdb1a525f7620a0bd1cfa6550a15c4 |title=Credit Suisse CEO resigns as bank posts 2Q loss |date=27 July 2022 |work=Associated Press News |access-date=27 July 2022 |archive-date=27 July 2022 |archive-url=https://web.archive.org/web/20220727080914/https://apnews.com/article/48fdb1a525f7620a0bd1cfa6550a15c4 |url-status=live}}</ref>}} | products = [[Investment banking|Investment]] and [[private banking]], [[investment management|asset management]] | revenue = {{nowrap|{{decrease}} {{CHF|14.92 billion|link=yes|ISO=yes}} (2022)}}<ref name="AR">{{cite web |url=https://www.credit-suisse.com/media/assets/corporate/docs/about-us/investor-relations/financial-disclosures/results/csg-earningsrelease-4q22.pdf |title=Earnings Release 4Q22 |website=Credit Suisse |access-date=9 February 2022 |archive-date=9 February 2023 |archive-url=https://web.archive.org/web/20230209113223/https://www.credit-suisse.com/media/assets/corporate/docs/about-us/investor-relations/financial-disclosures/results/csg-earningsrelease-4q22.pdf |url-status=live}}</ref> | operating_income = {{nowrap|{{decrease}} {{CHF|&minus;3.2 billion|ISO=yes}} (2022)}}<ref name="AR" /> | net_income = {{nowrap|{{decrease}} {{CHF|&minus;7.3 billion|ISO=yes}} (2022)}}<ref name="AR" /> | assets = {{nowrap|{{decrease}} {{CHF|531.4 billion|ISO=yes}} (2022)}}<ref name="AR" /> | equity = {{nowrap|{{increase}} {{CHF|45.13 billion|ISO=yes}} (2022)}}<ref name="AR" /> | num_employees = {{increase}} 50,480 (end 2022)<ref name="AR" /> | aum = {{decrease}} {{CHF|1.29 trillion|ISO=yes}} (2022)<ref name="AR" /> | ratio = {{increase}} 14.1% (end 2022, CET1)<ref name="AR" /> | rating = [[S&P Global|S&P]]: BBB−<br />[[Fitch Ratings|Fitch]]: BBB<ref>{{cite web |url=https://www.fitchratings.com/research/banks/fitch-downgrades-credit-suisse-group-to-bbb-outlook-negative-04-08-2022 |title=Fitch Downgrades Credit Suisse Group to 'BBB'; Outlook Negative |website=Fitch Ratings |access-date=13 August 2022 |archive-date=13 August 2022 |archive-url=https://web.archive.org/web/20220813095913/https://www.fitchratings.com/research/banks/fitch-downgrades-credit-suisse-group-to-bbb-outlook-negative-04-08-2022 |url-status=live}}</ref><br />[[Moody's Investors Service|Moody's]]: Baa2<ref>{{cite web |url=https://www.credit-suisse.com/about-us/en/investor-relations/debt-investors/ratings-credit-reports.html |title=Fitch Downgrades Credit Suisse Group to 'BBB'; Outlook Negative |website=Fitch Ratings |access-date=3 September 2022 |archive-date=3 September 2022 |archive-url=https://web.archive.org/web/20220903164904/https://www.credit-suisse.com/about-us/en/investor-relations/debt-investors/ratings-credit-reports.html |url-status=live}}</ref> | homepage = {{URL|https://www.credit-suisse.com/us/en.html|credit-suisse.com}} }} '''Credit Suisse Group AG''' ({{IPA|fr|kʁe.di sɥis}}, {{Literal translation|Swiss Credit}}) is  a global [[Investment banking|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<ref>{{Cite web |title=Latest on the takeover of Credit Suisse {{!}} UBS Switzerland |url=https://www.ubs.com/ch/en/microsites/ubs-acquisition-of-credit-suisse.html |access-date=2024-06-19 |website=Count on us. Today more than ever. |language=en}}</ref> but while the integration is not complete both banks are operating separately. Headquartered in [[Zürich]], as a standalone firm it maintained offices in all [[Financial centre|major financial centers]] around the world and provided services in [[investment bank]]ing, [[private banking]], [[asset management]], and [[shared services]]. It was known for strict [[Bank secrecy|bank–client confidentiality]] and [[Banking in Switzerland|banking secrecy]]. The [[Financial Stability Board]] considered it to be a [[Systemically important financial institution|global systemically important bank]]. Credit Suisse was also a [[primary dealer]] and [[Forex]] counterparty of the [[Federal Reserve]] in the United States.  Credit Suisse was founded in 1856 to fund the development of [[Rail transport in Switzerland|Switzerland's rail system]]. It issued loans that helped create Switzerland's [[electrical grid]] and the [[Rail transport in Europe|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 Baer Group|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 [[2007–2008 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.<ref name="felony">{{cite web |url=https://www.justice.gov/opa/pr/credit-suisse-pleads-guilty-conspiracy-aid-and-assist-us-taxpayers-filing-false-returns |title=Credit Suisse Pleads Guilty to Conspiracy to Aid and Assist U.S. Taxpayers in Filing False Returns |date=19 May 2014 |website=Department of Justice |access-date=19 June 2016 |archive-date=11 April 2021 |archive-url=https://web.archive.org/web/20210411012234/https://www.justice.gov/opa/pr/credit-suisse-pleads-guilty-conspiracy-aid-and-assist-us-taxpayers-filing-false-returns |url-status=live}}</ref><ref name="GuiltyPlea" /> By the end of 2022, Credit Suisse had approximately {{CHF|1.3&nbsp;trillion|link=yes|ISO=yes}} in [[assets under management]].<ref name="AR" /> On 19 March 2023, following negotiations with the [[Swiss government]], [[UBS]] announced its intent to [[Acquisition of Credit Suisse by UBS|acquire Credit Suisse]] for $3.25 billion (CHF 3 billion) in order to prevent the bank's collapse.<ref>{{Cite news |date=19 March 2023 |title=UBS agrees $3.25bn rescue deal for rival Credit Suisse |work=Financial Times |url=https://www.ft.com/content/9fe40e6a-f01f-4205-b885-7771d305721e |access-date=19 March 2023 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319201122/https://www.ft.com/content/9fe40e6a-f01f-4205-b885-7771d305721e |url-status=live}}</ref><ref>{{cite news |url=https://www.wsj.com/articles/ubs-offers-1-billion-to-take-over-credit-suisse-bfac51fa |title=UBS Agrees to Buy Credit Suisse for More Than $3 Billion |work=The Wall Street Journal |date=19 April 2023 |access-date=19 March 2023 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319164147/https://www.wsj.com/articles/ubs-offers-1-billion-to-take-over-credit-suisse-bfac51fa |url-status=live}}</ref><ref>{{Cite web |last=swissinfo.ch/mga |title=Credit Suisse agrees to CHF3bn takeover by rival Swiss bank UBS |url=https://www.swissinfo.ch/eng/business/credit-suisse-agrees-to-takeover-by-rival-swiss-bank-ubs/48373120 |access-date=20 March 2023 |website=SWI swissinfo.ch |date=19 March 2023 |language=en}}</ref> UBS completed the acquisition in June 2023.<ref>{{cite news |last=Halftermeyer |first=Marion |date=11 June 2023 |title=UBS Completes Credit Suisse Takeover to Create Swiss Bank Titan |url=https://www.bloomberg.com/news/articles/2023-06-12/ubs-completes-credit-suisse-takeover-to-create-swiss-bank-titan |work=Bloomberg News}}</ref> ==History== ===Early history=== [[File:SKA 1895.jpg|thumb|left|Schweizerische Kreditanstalt headquarters in 1895]] [[File:Schweizerische Kreditanstalt 1898.jpg|thumb|Share of the Schweizerische Kreditanstalt in Zurich, issued 31 May 1898]] [[File:Schalterhalle SKA 1856.png|thumb|The inside of a Credit Suisse building in the 1930s]] [[File:Credit Suisse logo c1972.png|thumb|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.<ref>{{cite journal |title=The Regulation and Nationalization of the Swiss Railways |journal=Annals of the American Academy of Political and Social Science |publisher=Sage |author1=B. H. Meyer |author2=Hans Dietler |volume=13 |issue=2 |year=1899 |pages=1–30 |jstor=1009453 |issn=0002-7162 |doi=10.1177/000271629901300201 |s2cid=143907491 |url=https://zenodo.org/record/1448684 |access-date=29 June 2019 |archive-date=29 July 2020 |archive-url=https://web.archive.org/web/20200729002607/https://zenodo.org/record/1448684 |url-status=live}}</ref><ref name="MeierMarthinsen2012">{{cite book |url=https://books.google.com/books?id=bpKmVkdP360C&pg=PA89 |title=Swiss Finance: Capital Markets, Banking, and the Swiss Value Chain |publisher=John Wiley & Sons |author1=Henri B. Meier |author2=John E. Marthinsen |author3=Pascal A. Gantenbein |page=89 |date=1 October 2012 |isbn=978-1-118-22508-0}}</ref> 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<ref name=":0">{{Cite book |title=From Schweizerische Kreditanstalt to Credit Suisse Group : the history of a bank |last=Joseph. |first=Jung |date=2000 |publisher=NZZ Verlag |isbn=3858238910 |location=Zurich |oclc=45803230}}</ref> primarily to provide domestic funding to railway projects, avoiding French banks that wanted to exert influence over the railway system.<ref name="nine"/> Escher aimed to start the company with three million shares and instead sold 218 million shares in three days.<ref name="FranksNunnally2010"/> 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.<ref name="nine">{{cite book |url=https://books.google.com/books?id=eXvfNDHpfWwC&pg=PA1016 |title=Handbook on the History of European Banks |publisher=Edward Elgar Publishing |first=Manfred |last=Pohl |page=1016 |year=1994 |isbn=978-1-85278-919-0}}</ref> In its first year of operation, 25 percent of the bank's revenues was from the [[Swiss Northeastern Railway]], which was being built by [[Bruno Hildebrand]] and Escher's company, Nordostbahn.<ref name="swissbook"/> Credit Suisse played a substantial role in the economic development of Switzerland, helping the country develop its currency system,<ref name="FranksNunnally2010">{{cite book |url=https://books.google.com/books?id=iOvJLwRrJikC&pg=PA198 |title=Barbarians of Wealth: Protecting Yourself from Today's Financial Attilas |publisher=John Wiley & Sons |author1=Sandy Franks |author2=Sara Nunnally |page=198 |year=2010 |isbn=978-0-470-94658-9}}</ref> funding entrepreneurs<ref name="MeierMarthinsen2012"/> and investing in the [[Gotthard railway]], which connected Switzerland to the European rail system in 1882.<ref name="nine"/> 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.<ref name="HausmanHertner2008">{{cite book |url=https://books.google.com/books?id=P7ae1nBwBmgC&pg=PA98 |title=Global Electrification: Multinational Enterprise and International Finance in the History of Light and Power, 1878–2007 |publisher=Cambridge University Press |first1=William J. |last1=Hausman |first2=Peter |last2=Hertner |author-link3=Mira Wilkins |first3=Mira |last3=Wilkins |page=98 |year=2008 |isbn=978-0-521-88035-0}}</ref> 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."<ref name="nine"/> The bank also helped fund the effort to disarm and imprison French troops that crossed into Swiss borders in the 1870 [[Franco-Prussian War]].<ref name="nine"/><ref name="swissbook">{{cite book |title=From Schweizerische Kreditanstalt to Credit Suisse Group: The History of a Bank |publisher=NZZ Verlag |first=Joseph |last=Jung |year=2000 |isbn=3-85823-891-0}}</ref> By the end of the war, Credit Suisse had become the largest bank in Switzerland.<ref name="FranksNunnally2010"/> 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.<ref name="nine"/><ref name="swissbook"/> In the early 1900s Credit Suisse began catering to consumers and the middle-class with deposit counters, currency exchanges and savings accounts.<ref name="swissbook"/> The first branch outside of Zürich was opened in 1905 in [[Basel]].<ref name="MeierMarthinsen2012"/> The bank helped companies affected by World War I restructuring, and extended loans for reconstruction efforts.<ref name="nine"/><ref name="Hill1999">{{cite book |url=https://books.google.com/books?id=wJgrAQAAMAAJ |title=Cases in Corporate Acquisitions, Buyouts, Mergers, and Takeovers |publisher=Gale |first=Kelly |last=Hill |year=1999 |isbn=0-7876-3894-3 |access-date=4 July 2015 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319201123/https://books.google.com/books?id=wJgrAQAAMAAJ |url-status=live}}</ref> During the 1920s depression, net profits and dividends were halved and employees took salary cuts.<ref name="name">{{cite journal |last=Meier |first=P. J. |date=June 1960 |title=Reviewed Work: ''Schweizerische Kreditanstalt 1856–1956'' by Walter Adolph Jöhr |journal=The Journal of Economic History |publisher=Cambridge University Press |volume=20 |issue=2 |page=328 |jstor=2114865}}</ref> After World War II, a substantial portion of Credit Suisse's business was in foreign reconstruction efforts.<ref name="name"/> Banks subsequently acquired by Credit Suisse have been linked to bank accounts used by members of the [[Nazi Party|NSDAP]] in the 1930s.<ref>{{Cite news |date=5 March 2020 |title=Nazi name lists in Argentina may reveal loot in Swiss bank |language=en-GB |work=BBC News |url=https://www.bbc.com/news/world-europe-51751272 |access-date=13 April 2021 |archive-date=13 April 2021 |archive-url=https://web.archive.org/web/20210413190121/https://www.bbc.com/news/world-europe-51751272 |url-status=live}}</ref><ref>{{cite web |last=Deters |first=Jannik |title=Dokumentenfund in Argentinien: Credit Suisse soll milliardenschwere Nazi-Konten öffnen |url=https://www.wiwo.de/unternehmen/banken/dokumentenfund-in-argentinien-credit-suisse-soll-milliardenschwere-nazi-konten-oeffnen/25615760.html |access-date=13 April 2021 |website=Wiwo.de |date=6 March 2020 |language=de |archive-date=9 June 2021 |archive-url=https://web.archive.org/web/20210609002957/https://www.wiwo.de/unternehmen/banken/dokumentenfund-in-argentinien-credit-suisse-soll-milliardenschwere-nazi-konten-oeffnen/25615760.html |url-status=live}}</ref> Holocaust survivors had problems trying to retrieve assets from relatives that died in concentration camps without death certificates.<ref>{{cite book |title=Credit Suisse Group Banks in the Second World War: A Critical Review |publisher=Neue Zürcher Zeitung |first=Joseph |last=Jung |edition=2nd |year=2002 |isbn=3-85823-994-1 |url-access=registration |url=https://archive.org/details/creditsuissegrou0000unse}}</ref> This led to a class action lawsuit in 1996<ref>{{cite news |url=https://www.nytimes.com/1999/04/16/nyregion/estelle-sapir-73-who-fought-bank-over-holocaust-assets.html |title=Estelle Sapir, 73, Who Fought Bank Over Holocaust Assets |work=[[The New York Times]] |first=William H. |last=Honan |author-link=William H. Honan |date=16 April 1999 |access-date=12 October 2012 |archive-date=24 May 2013 |archive-url=https://web.archive.org/web/20130524210347/http://www.nytimes.com/1999/04/16/nyregion/estelle-sapir-73-who-fought-bank-over-holocaust-assets.html |url-status=live}}</ref> that settled in 2000 for $1.25 billion.<ref name="Atkinson">{{cite news |url=https://www.theguardian.com/business/2000/aug/05/13 |title=Swiss banks agree $1.25bn Holocaust deal |work=[[The Guardian]] |first=Mark |last=Atkinson |date=4 August 2000 |access-date=12 October 2012 |archive-date=11 March 2021 |archive-url=https://web.archive.org/web/20210311195910/https://www.theguardian.com/business/2000/aug/05/13 |url-status=live}}</ref><ref>{{cite book |chapter=Der Handel mit ausländischen Wertpapieren während des Krieges und die Probleme der deutschen Guthaben in der Schweiz sowie der nachrichtlosen Vermögen aus rechtlicher Sicht |title=Die Schweiz, der Nationalsozialismus und das Recht, Bd. 2 |publisher=Chronos |first=Frank |last=Vischer |year=2001 |isbn=978-3-0340-0619-4}}</ref><ref name="NYTIMES">{{cite news |url=https://www.nytimes.com/1998/10/23/business/international-business-when-sure-footed-stumble-swiss-banks-stagger-after.html?pagewanted=all |title=International Business: When the Sure-Footed Stumble; Swiss Banks Stagger After Several Investing Missteps |work=[[The New York Times]] |first=Edmund L. |last=Andrews |date=23 October 1998 |access-date=27 August 2012 |archive-date=20 December 2013 |archive-url=https://web.archive.org/web/20131220093155/http://www.nytimes.com/1998/10/23/business/international-business-when-sure-footed-stumble-swiss-banks-stagger-after.html?pagewanted=all |url-status=live}}</ref><ref>{{cite web |url=http://www.wiesenthal.com/about/news/wiesenthal-center-argentina-nazi.html |title=Wiesenthal Centre Reveals 12,000 Names of Nazis in Argentina, Many of Whom Apparently Had Accounts Transferred to Credit Suisse |website=Wiesenthal.com |access-date=28 August 2020 |archive-date=24 August 2020 |archive-url=https://web.archive.org/web/20200824222205/http://www.wiesenthal.com/about/news/wiesenthal-center-argentina-nazi.html |url-status=live}}</ref> The ''Agreement on the Swiss Banks' Code of Conduct with Regard to the Exercise of Due Diligence'' was created in the 1970s,<ref name="MeierMarthinsen2012"/> after a Credit Suisse branch in [[Chiasso]] [[Chiasso scandal|was exposed]] for illegally funneling $900 million in Italian deposits to speculative investments.<ref>{{cite magazine |title=Banking: Suicide in Switzerland |url=http://content.time.com/time/magazine/article/0,9171,911980,00.html |magazine=[[Time (magazine)|Time]] |volume=109 |issue=21 |page=82 |date=23 May 1977 |access-date=29 November 2013 |archive-date=24 February 2021 |archive-url=https://web.archive.org/web/20210224094545/http://content.time.com/time/magazine/article/0,9171,911980,00.html |url-status=live}}</ref> ===Acquisitions, growth and First Boston=== [[File:1CabotSquare.jpg|thumb|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]] [[File:Met Life North Building from West 25th Street.jpg|thumb|[[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.<ref name="Gambee1999">{{cite book |url=https://archive.org/details/wallstreetfinanc00gamb |url-access=registration |title=Wall Street: Financial Capital |publisher=W. W. Norton & Company |first=Robert |last=Gambee |page=[https://archive.org/details/wallstreetfinanc00gamb/page/123 123] |year=1999 |isbn=978-0-393-04767-7}}</ref> 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.<ref name="secret">{{cite news |url=http://business.highbeam.com/435552/article-1G1-7060754/gut-secret-plan |archive-url=https://web.archive.org/web/20130518234904/http://business.highbeam.com/435552/article-1G1-7060754/gut-secret-plan |url-status=dead |archive-date=18 May 2013 |title=Gut's Secret Money |work=[[Euromoney]] |first=Matthew |last=Crabbe |date=January 1989 |access-date=27 August 2012}}</ref><ref name="nytimes2">{{cite news |url=https://www.nytimes.com/1989/04/10/business/swiss-bank-turns-aggressive.html?pagewanted=all |title=Swiss Bank Turns Aggressive |work=[[The New York Times]] |first=Steven |last=Greenhouse |pages=D1–D2 |date=10 April 1989 |access-date=27 August 2012 |archive-date=8 March 2021 |archive-url=https://web.archive.org/web/20210308191448/https://www.nytimes.com/1989/04/10/business/swiss-bank-turns-aggressive.html?pagewanted=all |url-status=live}}</ref> 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.<ref name="nytimes2"/> In 1988 First Boston loaned $487 million to Gibbons and Green for the purchase of the [[Sealy Corporation|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.<ref name="FranksNunnally2010"/> Credit Suisse injected $725 million to keep First Boston in business,<ref>{{cite news |url=https://money.cnn.com/magazines/fortune/fortune_archive/1996/08/19/215626/ |title=Will CS First Boston Ever Win? |work=[[Fortune (magazine)|Fortune]] |first=Linda |last=Grant |pages=30–34 |date=19 August 1996 |access-date=27 August 2012 |url-status=dead |archive-url=https://web.archive.org/web/20131203065900/https://money.cnn.com/magazines/fortune/fortune_archive/1996/08/19/215626/ |archive-date=3 December 2013}}</ref> which ultimately led to the company being taken over by Credit Suisse.<ref>{{cite news |last1=Haunss |first1=Kristen |title=Wall Street Shifts Risk of Burning Bed in Loans: Credit Markets |url=https://www.bloomberg.com/news/articles/2014-07-01/wall-street-offloading-risk-of-burning-bed-loans-credit-markets |website=Bloomberg |date=2 July 2014 |access-date=16 May 2024}}</ref> 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.<ref name="FranksNunnally2010"/> In the late 1990s, Credit Suisse executed an aggressive acquisition strategy.<ref name="MeierMarthinsen2012"/> The bank acquired Bank Leu, known as Switzerland's oldest bank, in 1990.<ref>{{cite magazine |last=Cooper |first=Ron |date=14 October 1991 |title=Gut Instincts |magazine=[[Forbes (magazine)|Forbes]] |volume=148 |issue=8 |pages=169–170}}</ref><ref>{{cite news |url=https://www.reuters.com/article/creditsuisse-idUSL5E7MF0YT20111115 |title=Update 5-C: Suisse ends oldest Swiss bank brand Leu |work=Reuters |first=Emma |last=Thomasson |date=15 November 2011 |access-date=21 November 2012 |archive-date=10 March 2016 |archive-url=https://web.archive.org/web/20160310114741/http://www.reuters.com/article/creditsuisse-idUSL5E7MF0YT20111115 |url-status=live}}</ref> In 1993 Credit Suisse outbid UBS for a controlling stake in Switzerland's fifth largest bank, Swiss Volksbank in a $1.1 billion deal.<ref name=volksbank>{{cite news |url=https://www.nytimes.com/1993/01/06/business/company-news-offer-made-to-create-largest-swiss-bank-group.html |title=Offer Made to Create Largest Swiss Bank Group |work=[[The New York Times]] |date=6 January 1993 |access-date=21 November 2012 |archive-date=4 March 2016 |archive-url=https://web.archive.org/web/20160304134026/http://www.nytimes.com/1993/01/06/business/company-news-offer-made-to-create-largest-swiss-bank-group.html |url-status=live}}</ref> It also merged with [[Winterthur Group]] in 1997 for about $9 billion<ref>{{cite news |url=https://www.nytimes.com/2002/06/21/business/credit-suisse-s-insurance-unit-to-get-infusion-of-1.1-billion.html |title=Credit Suisse's Insurance Unit To Get Infusion of $1.1 Billion |work=[[The New York Times]] |first=Elizabeth |last=Olson |date=21 June 2002 |access-date=30 November 2012 |archive-date=24 May 2013 |archive-url=https://web.archive.org/web/20130524203215/http://www.nytimes.com/2002/06/21/business/credit-suisse-s-insurance-unit-to-get-infusion-of-1.1-billion.html |url-status=live}}</ref> and acquired the asset management division of Warburg, Pincus & Co. in 1999 for $650 million.<ref>{{cite news |title=Credit Suisse Agrees to Purchase Unit of Warburg Pincus for $650 Million |work=[[The Wall Street Journal]] |first=Charles |last=Gasparino |page=B14 |date=16 February 1999}}</ref> [[Donaldson, Lufkin & Jenrette]] was purchased for $11.5 billion in 2000.<ref name="MeierMarthinsen2012"/><ref>{{cite news |url=http://www.businessweek.com/stories/2000-09-10/this-bank-keeps-growing-and-growing-and-dot-dot-dot |title=This Bank Keeps Growing And Growing And&nbsp;... |work=[[Business Week]] |first1=David |last1=Fairlamb |first2=John |last2=Rossant |first3=Emily |last3=Thornton |page=134 |date=11 September 2000 |access-date=3 October 2012 |archive-date=3 December 2013 |archive-url=https://web.archive.org/web/20131203214340/http://www.businessweek.com/stories/2000-09-10/this-bank-keeps-growing-and-growing-and-dot-dot-dot |url-status=dead}}</ref> 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.<ref name="name2">{{cite news |url=https://www.nytimes.com/1996/11/29/business/taking-the-challenge-of-streamlining-credit-suisse.html?pagewanted=all |title=Taking the Challenge of Streamlining Credit Suisse |work=[[The New York Times]] |first=John |last=Tagliabue |pages=D9, D14 |date=29 November 1996 |access-date=27 August 2012 |archive-date=20 December 2013 |archive-url=https://web.archive.org/web/20131220042205/http://www.nytimes.com/1996/11/29/business/taking-the-challenge-of-streamlining-credit-suisse.html?pagewanted=all |url-status=live}}</ref><ref>{{cite news |title=Credit Suisse Restructures |work=[[The Banker]] |page=5 |date=August 1996}}</ref> While Credit Suisse First Boston had been struggling, Credit Suisse's overall profits had grown 20 percent over the prior year, reaching $664 million.<ref name="name2"/> 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.<ref>{{cite news |url=https://www.nytimes.com/1999/07/30/business/international-business-japan-revokes-credit-suisse-unit-s-banking-license.html?pagewanted=all |title=Japan Revokes Credit Suisse Unit's Banking License |work=[[The New York Times]] |first=Stephanie |last=Strom |date=30 July 1999 |access-date=27 August 2012 |archive-date=20 December 2013 |archive-url=https://web.archive.org/web/20131220052716/http://www.nytimes.com/1999/07/30/business/international-business-japan-revokes-credit-suisse-unit-s-banking-license.html?pagewanted=all |url-status=live}}</ref> 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.<ref name="MeierMarthinsen2012" /> 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.<ref name="coverstory" /> 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.<ref name="coverstory" /> In 2006, Credit Suisse acknowledged misconduct for helping Iran and other countries hide transactions from US authorities and paid a $536 million settlement.<ref>{{cite news |url=https://www.nytimes.com/2009/12/16/business/16bank.html |title=Iranian Dealings Lead to a Fine for Credit Suisse |work=[[The New York Times]] |first1=Claudio |last1=Gatti |first2=John |last2=Eligon |date=15 December 2009 |access-date=20 November 2012 |archive-date=5 November 2012 |archive-url=https://web.archive.org/web/20121105200020/http://www.nytimes.com/2009/12/16/business/16bank.html |url-status=live}}</ref><ref name="wsj">{{cite news |url=https://www.wsj.com/news/articles/SB10001424052748704541004574600032631634884 |title=Credit Suisse's Secret Deals |work=[[The Wall Street Journal]] |first1=Aaron |last1=Lucchetti |first2=Jay |last2=Solomon |date=17 December 2009 |access-date=13 October 2012 |archive-date=7 January 2015 |archive-url=https://web.archive.org/web/20150107015848/http://www.wsj.com/news/articles/SB10001424052748704541004574600032631634884 |url-status=bot: unknown }}</ref> 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.<ref>{{cite web |title=Credit Suisse To merge Private banks To Raise Profit |url=https://virobel.com/credit-suisse-to-merge-private-banks-to-raise-profit/ |website=Virobel |access-date=6 November 2023 |date=3 February 2023}}</ref> 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.<ref>[http://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=88D43C45-83E8-EB92-9D58C5AB1895B648] {{Dead link|date=November 2019|bot=InternetArchiveBot|fix-attempted=yes}}</ref> 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.<ref>{{cite news |url=http://www.oregonlive.com/business/index.ssf/2010/02/bankruptcy_case_heats_up_for_f.html |title=Bankruptcy case heats up for former Oregon timber tycoon Tim Blixseth |work=[[The Oregonian]] |agency=Associated Press |date=24 February 2010 |access-date=30 November 2012 |archive-date=3 December 2013 |archive-url=https://web.archive.org/web/20131203072650/http://www.oregonlive.com/business/index.ssf/2010/02/bankruptcy_case_heats_up_for_f.html |url-status=live}}</ref> 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.<ref>{{cite news |url=https://www.bloomberg.com/news/2011-04-06/yellowstone-club-founder-tim-blixseth-facing-forced-bankruptcy-over-taxes.html |title=Tim Blixseth facing forced bankruptcy over taxes |work=[[Bloomberg L.P.|Bloomberg]] |first1=Steven |last1=Church |first2=Anthony |last2=Effinger |date=6 April 2011 |access-date=30 November 2012 |archive-date=6 November 2012 |archive-url=https://web.archive.org/web/20121106100053/http://www.bloomberg.com/news/2011-04-06/yellowstone-club-founder-tim-blixseth-facing-forced-bankruptcy-over-taxes.html |url-status=live}}</ref> 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.<ref>{{cite news |url=https://www.reuters.com/article/us-creditsuisse-lawsuit-idUSTRE6031X920100104 |title=Credit Suisse sued over resorts, $24 billion sought |work=Reuters |first=Jonathan |last=Stempel |date=4 January 2010 |access-date=5 July 2021 |archive-date=15 August 2021 |archive-url=https://web.archive.org/web/20210815090517/https://www.reuters.com/article/us-creditsuisse-lawsuit-idUSTRE6031X920100104 |url-status=live}}</ref> ===Post-financial crisis=== According to ''[[The Wall Street Journal]]'' in 2008, "Credit Suisse survived the credit crisis better than many competitors."<ref name="wsj" /> Credit Suisse had $902 million in writedowns for subprime holdings and the same amount for leveraged loans,<ref>{{cite news |url=https://www.wsj.com/articles/SB120059427161198001 |title=Credit Suisse Plans to Expand Private Banking World-Wide |work=[[The Wall Street Journal]] |first=Goran |last=Mijuk |date=18 January 2008 |access-date=21 October 2012 |archive-date=14 March 2016 |archive-url=https://web.archive.org/web/20160314045818/http://www.wsj.com/articles/SB120059427161198001 |url-status=live}}</ref> but it did not have to borrow from the government.<ref name="Simonian">{{Cite news |url=http://www.ft.com/intl/cms/s/0/d5d0f486-f80b-11dd-aae8-000077b07658.html |title=Credit Suisse losses widen to SFr8bn |work=[[Financial Times]] |last=Simonian |first=Haig |date=11 February 2009 |access-date=9 October 2012 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319201123/https://www.ft.com/content/d5d0f486-f80b-11dd-aae8-000077b07658 |url-status=live}}</ref> 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.<ref>{{cite news |url=https://www.nytimes.com/2012/11/21/business/new-york-sues-credit-suisse-over-mortgage-backed-securities.html |title=New York Sues Credit Suisse Over Mortgages |work=[[The New York Times]] |agency=Reuters |date=20 November 2012 |access-date=29 November 2012 |archive-date=28 November 2012 |archive-url=https://web.archive.org/web/20121128201657/http://www.nytimes.com/2012/11/21/business/new-york-sues-credit-suisse-over-mortgage-backed-securities.html |url-status=live}}</ref><ref>{{cite news |url=https://www.reuters.com/article/us-creditsuisse-mortgages-idUSBRE8931IN20121004 |title=Exclusive: Credit Suisse probed over mortgages – sources |work=Reuters |first1=Karen |last1=Freifeld |first2=Alison |last2=Frankel |date=4 October 2012 |access-date=4 October 2012 |archive-date=6 March 2016 |archive-url=https://web.archive.org/web/20160306055210/http://www.reuters.com/article/us-creditsuisse-mortgages-idUSBRE8931IN20121004 |url-status=live}}</ref> 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]].<ref>{{cite news |url=https://www.wsj.com/articles/SB10000872396390444549204578020632276400210 |title=Credit Suisse May Revamp Asset-Management Unit |work=[[The Wall Street Journal]] |first1=Anita |last1=Greil |first2=Aaron |last2=Lucchetti |date=26 September 2012 |access-date=29 November 2012 |archive-date=29 July 2020 |archive-url=https://web.archive.org/web/20200729005515/https://www.wsj.com/articles/SB10000872396390444549204578020632276400210 |url-status=live}}</ref><ref name="name3">{{cite magazine |last=Kandell |first=Jonathan |date=March 2012 |title=Swiss Banks Adjusting To Radical New Regulations |url=http://www.institutionalinvestor.com/article.aspx?articleID=2994239 |magazine=[[Institutional Investor (magazine)|Institutional Investor]] |volume=46 |issue=2 |page=33 |access-date=29 November 2013 |archive-date=3 December 2013 |archive-url=https://web.archive.org/web/20131203101514/http://www.institutionalinvestor.com/article.aspx?articleID=2994239 |url-status=live}}</ref> In July 2011, Credit Suisse cut 2,000 jobs in response to a weaker than expected economic recovery<ref>{{cite news |url=http://www.ft.com/intl/cms/s/0/fda41498-b8de-11e0-bd87-00144feabdc0.html |title=Credit Suisse to axe 2,000 jobs |work=[[Financial Times]] |first=Megan |last=Murphy |date=28 July 2011 |access-date=20 November 2012 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319201123/https://www.ft.com/content/fda41498-b8de-11e0-bd87-00144feabdc0 |url-status=live}}</ref> and later merged its asset management with the private bank group to cut additional costs.<ref>{{cite news |url=http://www.businessweek.com/news/2012-11-20/credit-suisse-to-split-investment-bank-into-two-units |title=Credit Suisse to Revamp Investment Banking, Private Bank |work=[[BusinessWeek]] |first=Elena |last=Logutenkova |date=20 November 2012 |access-date=29 November 2012 |archive-date=28 November 2012 |archive-url=https://web.archive.org/web/20121128020731/http://www.businessweek.com/news/2012-11-20/credit-suisse-to-split-investment-bank-into-two-units |url-status=dead}}</ref>{{rquote|right|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]]''<ref>{{cite web |url=https://www.bloomberg.com/news/videos/2018-01-24/tidjane-thiam-says-markets-and-volatility-are-going-up-video |title=Tidjane Thiam Says Markets and Volatility Are Going Up |last=Bloomberg Surveillance |website=[[Bloomberg News]] |date=24 January 2018 |access-date=24 January 2018 |archive-date=2 March 2018 |archive-url=https://web.archive.org/web/20180302155225/https://www.bloomberg.com/news/videos/2018-01-24/tidjane-thiam-says-markets-and-volatility-are-going-up-video |url-status=live}}</ref>}} A series of international investigations took place in the early 2000s regarding the use [[Bank secrecy|banking secrecy]] in Credit Suisse accounts for tax evasion. In 2008, the Brazilian government investigated 13 former and current Credit Suisse employees.<ref name="MeierMarthinsen2012" /> The investigation led to arrests that year and in 2009 as part of a larger crackdown in Brazil.<ref>{{cite news |url=https://www.reuters.com/article/creditsuisse-brazil-idUSN2336321920080424 |title=Credit Suisse banker arrested in Brazil tax probe |work=Reuters |first=Elzio |last=Barreto |date=23 April 2008 |access-date=19 January 2013 |archive-date=10 March 2016 |archive-url=https://web.archive.org/web/20160310083148/http://www.reuters.com/article/creditsuisse-brazil-idUSN2336321920080424 |url-status=live}}</ref><ref>{{cite news |url=http://www.cbsnews.com/news/brazil-arrests-19-in-tax-evasion-scheme/ |title=Brazil Arrests 19 In Tax Evasion Scheme |work=CBS News |agency=Associated Press |date=11 February 2009 |access-date=19 January 2013 |archive-date=3 December 2013 |archive-url=https://web.archive.org/web/20131203041909/http://www.cbsnews.com/news/brazil-arrests-19-in-tax-evasion-scheme/ |url-status=live}}</ref> Four Credit Suisse bankers were accused of fraud by the [[US Justice Department]] in 2011 for helping wealthy Americans avoid taxes.<ref>{{cite news |url=https://www.nytimes.com/2011/02/24/business/global/24tax.html |title=U.S. Accuses Four Bankers Connected to Credit Suisse of Helping Americans Evade Taxes |work=[[The New York Times]] |first1=Lynnley |last1=Browning |first2=Julia |last2=Werdigier |date=23 February 2011 |access-date=19 November 2012 |archive-date=20 December 2013 |archive-url=https://web.archive.org/web/20131220093054/http://www.nytimes.com/2011/02/24/business/global/24tax.html |url-status=live}}</ref><ref>{{cite news |url=https://www.bloomberg.com/news/2011-08-15/credit-suisse-likely-to-settle-u-s-probe-than-risk-charges-lawyers-say.html |title=Credit Suisse May Settle U.S. Probe by Admitting Wrongdoing, Paying Fine |work=[[Bloomberg L.P.|Bloomberg]] |first=David |last=Voreacos |date=15 August 2011 |access-date=20 November 2012 |archive-date=6 November 2012 |archive-url=https://web.archive.org/web/20121106101539/http://www.bloomberg.com/news/2011-08-15/credit-suisse-likely-to-settle-u-s-probe-than-risk-charges-lawyers-say.html |url-status=live}}</ref> In 2012, German authorities found that citizens were using insurance policies of a Bermuda-based Credit Suisse subsidiary to earn tax-free interest.<ref>{{cite news |url=https://www.wsj.com/articles/SB10001424052702303644004577520802968264844 |title=Clients of Swiss Bank Raided in Tax Probe |work=[[The Wall Street Journal]] |first1=David |last1=Crawford |first2=Laura |last2=Saunders |date=11 July 2012 |access-date=3 August 2017 |archive-date=15 February 2017 |archive-url=https://web.archive.org/web/20170215022501/https://www.wsj.com/articles/SB10001424052702303644004577520802968264844 |url-status=live}}</ref> In November 2012, Credit Suisse's asset management division was merged with the private banking arm.<ref>{{cite news |url=https://www.reuters.com/article/us-credit-suisse-idUSBRE8AJ12O20121120 |title=Credit Suisse shuffles top executives, merges units |work=Reuters |first=Katharina |last=Bart |date=20 November 2012 |access-date=23 November 2012 |archive-date=8 March 2016 |archive-url=https://web.archive.org/web/20160308014721/http://www.reuters.com/article/us-credit-suisse-idUSBRE8AJ12O20121120 |url-status=live}}</ref> In September 2012, the Swiss government gave banks like Credit Suisse permission to provide information to the US Justice Department for tax evasion probes.<ref>{{cite news |url=https://www.wsj.com/news/articles/SB10000872396390444450004578001814100338102 |title=Credit Suisse to Give More Files |work=[[The Wall Street Journal]] |first=Anita |last=Greil |date=17 September 2012 |access-date=7 September 2013 |archive-date=24 February 2017 |archive-url=https://web.archive.org/web/20170224215518/https://www.wsj.com/news/articles/SB10000872396390444450004578001814100338102 |url-status=live}}</ref> 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.<ref>{{cite news |publisher=Bloomberg |url=https://www.bloomberg.com/news/2014-02-21/credit-suisse-to-pay-197-million-in-sec-u-s-client-case.html |title=Credit Suisse to Pay $197 Million in SEC U.S. Client Case |first1=Tom |last1=Schoenberg |first2=David |last2=Voreacos |date=21 February 2014 |access-date=27 March 2014 |archive-date=21 May 2014 |archive-url=https://web.archive.org/web/20140521215253/http://www.bloomberg.com/news/2014-02-21/credit-suisse-to-pay-197-million-in-sec-u-s-client-case.html |url-status=live}}</ref> 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.<ref>{{cite news |url=http://www.scmp.com/business/banking-finance/article/1218766/german-prosecutors-investigate-credit-suisse-tax-evasion |title=German prosecutors probe Credit Suisse tax evasion |work=[[South China Morning Post]] |first=Toh |last=Han Shih |date=20 April 2013 |access-date=7 September 2013 |archive-date=3 December 2013 |archive-url=https://web.archive.org/web/20131203062049/http://www.scmp.com/business/banking-finance/article/1218766/german-prosecutors-investigate-credit-suisse-tax-evasion |url-status=live}}</ref> In 2012, the bank eventually entered into a €150 million settlement with the government.<ref name="Germany Probes UBS">{{cite news |last=Crawford |first=David |title=Germany Probes UBS Staff on Tax-Evasion Allegations |url=https://www.wsj.com/news/articles/SB10001424127887324073504578106841475080884 |access-date=18 January 2014 |newspaper=The Wall Street Journal |date=8 November 2012 |archive-date=8 February 2015 |archive-url=https://web.archive.org/web/20150208033614/http://www.wsj.com/news/articles/SB10001424127887324073504578106841475080884 |url-status=live}}</ref> 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.<ref>{{cite news |url=http://economictimes.indiatimes.com/news/international/world-news/credit-suisse-ag-says-not-subject-to-swiss-competition-foreign-exchange-probe/articleshow/33012610.cms |title=Credit Suisse AG says not subject to Swiss competition foreign exchange probe |work=Economic Times |date=31 March 2014 |access-date=8 August 2014 |archive-date=1 May 2014 |archive-url=https://web.archive.org/web/20140501041307/http://economictimes.indiatimes.com/news/international/world-news/credit-suisse-ag-says-not-subject-to-swiss-competition-foreign-exchange-probe/articleshow/33012610.cms |url-status=live}}</ref> 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.<ref name="Bank Settlement">{{cite news |title=Credit Suisse Pleads Guilty in Felony Case |date=19 May 2014 |url=https://dealbook.nytimes.com/2014/05/19/credit-suisse-set-to-plead-guilty-in-tax-evasion-case/ |access-date=20 May 2014 |publisher=Dealbook – New York Times |archive-date=21 May 2014 |archive-url=https://web.archive.org/web/20140521093245/http://dealbook.nytimes.com/2014/05/19/credit-suisse-set-to-plead-guilty-in-tax-evasion-case/?_php=true&_type=blogs&ref=business&_r=0 |url-status=live}}</ref> "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.<ref name="GuiltyPlea">{{cite news |title=Credit Suisse fined $2.6bn in US tax evasion case |url=http://www.switzerlandnews.net/index.php/sid/222161385/scat/ed0dcae976801452/ht/Credit-Suisse-fined-26bn-in-US-tax-evasion-case |access-date=20 May 2014 |publisher=Switzerland News.Net |archive-url=https://web.archive.org/web/20140521071419/http://www.switzerlandnews.net/index.php/sid/222161385/scat/ed0dcae976801452/ht/Credit-Suisse-fined-26bn-in-US-tax-evasion-case |archive-date=21 May 2014 |url-status=dead}}</ref> 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.<ref name=busstan>{{cite news |last1=Bart |first1=Katherina |last2=Freifeld |first2=Karen |last3=Viswana |first3=Aruna |title=Credit Suisse guilty plea has little immediate impact as shares rise |url=http://www.business-standard.com/article/reuters/credit-suisse-guilty-plea-has-little-immediate-impact-as-shares-rise-114052100277_1.html |newspaper=Business Standard |date=22 May 2014 |access-date=22 May 2014 |archive-date=9 August 2014 |archive-url=https://web.archive.org/web/20140809220528/http://www.business-standard.com/article/reuters/credit-suisse-guilty-plea-has-little-immediate-impact-as-shares-rise-114052100277_1.html |url-status=live}}</ref> In March 2015, it was announced that [[Tidjane Thiam]], the CEO of [[Prudential plc|Prudential]] would leave to become the next CEO of Credit Suisse.<ref name=Guardian>{{cite news |last1=Milmo |first1=Dan |title=Prudential's Tidjane Thiam to take top role at Credit Suisse |url=https://www.theguardian.com/business/2015/mar/10/prudentials-tidjane-thiam-to-take-top-role-at-credit-suisse |access-date=10 March 2015 |work=The Guardian |date=10 March 2015 |archive-date=25 December 2018 |archive-url=https://web.archive.org/web/20181225014831/https://www.theguardian.com/business/2015/mar/10/prudentials-tidjane-thiam-to-take-top-role-at-credit-suisse |url-status=live}}</ref> 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).<ref name=BI>{{cite news |last1=Ganesan |first1=Gayathree |title=Credit Suisse names new CEO of global markets |url=http://www.businessinsider.com/credit-suisse-names-new-ceo-of-global-markets-2016-9 |newspaper=Business Insider |access-date=9 September 2016 |archive-date=8 September 2016 |archive-url=https://web.archive.org/web/20160908171249/http://www.businessinsider.com/credit-suisse-names-new-ceo-of-global-markets-2016-9 |url-status=live}}</ref> The collapse of [[Lehman Brothers]] 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.<ref>{{Cite news |url=https://www.ft.com/content/ef6ad7b4-af57-11e8-99ca-68cf89602132 |title=Switzerland's banks try to put the past behind them |newspaper=[[Financial Times]] |date=5 September 2018 |access-date=22 August 2020 |last1=Atkins |first1=Ralph |archive-date=29 July 2020 |archive-url=https://web.archive.org/web/20200729010548/https://www.ft.com/content/ef6ad7b4-af57-11e8-99ca-68cf89602132 |url-status=live}}</ref> 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 [[Financial technology|FinTech]] competitors such as [[N26]] or [[Revolut]] in Switzerland and shall help to better attract young clients.<ref>{{cite web |url=https://www.handelszeitung.ch/unternehmen/credit-suisse-rustet-gegen-smartphone-banken-auf |title=Credit Suisse rüstet gegen Smartphone-Banken auf |website=Handelszeitung |language=de |access-date=6 September 2019 |archive-date=6 September 2019 |archive-url=https://web.archive.org/web/20190906125403/https://www.handelszeitung.ch/unternehmen/credit-suisse-rustet-gegen-smartphone-banken-auf |url-status=live}}</ref> 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."<ref>{{cite news |url=https://www.ft.com/content/ab81c3b6-ff76-4c99-9761-7f28f1e52383 |title=Credit Suisse launches restructuring after trading profit boost |work=Financial Times |author=Owen Walker |date=30 July 2020 |access-date=30 July 2020 |archive-date=30 July 2020 |archive-url=https://web.archive.org/web/20200730103605/https://www.ft.com/content/ab81c3b6-ff76-4c99-9761-7f28f1e52383 |url-status=live}}</ref> In November of 2022, Credit Suisse announced that it was selling the majority of its Securitized Products Group to Apollo Asset Management. Credit Suisse cited a reduction in RWA as the primary factor driving the sale. The deal was expected to close in the first half of 2023.[https://www.credit-suisse.com/about-us-news/en/articles/media-releases/cs-investment-bank-securitized-products-group-202211.tag*article-topic--media-release---invest.html]The spin-off was branded Atlas SP and the deal ultimately finalized in March of 2024.[https://www.yahoo.com/news/us-asset-management-firm-apollo-085224788.html] In Decemeber of 2022, Credit Suisse completed a CHF 4.00bn capital increase by the way of a CHF 2.24bn rights issue and a CHF 1.80bn private placing.<ref>{{Cite web |title=Credit Suisse raises 2.24 billion Swiss francs in second part of capital hike |website=[[Reuters]] |url=https://www.reuters.com/business/finance/credit-suisse-raises-224-billion-swiss-francs-second-part-capital-hike-2022-12-08/ }}</ref> On 9 February 2023, the bank reported an annual loss of CHF 7.3 bn, the biggest loss since the [[2007–2008 financial crisis]].<ref>{{Cite news |last1=Illien |first1=Noele |last2=Hirt |first2=Oliver |date=9 February 2023 |title=Credit Suisse warns of more losses after sliding deep into the red |language=en |work=Reuters |url=https://www.reuters.com/business/finance/credit-suisse-logs-worst-annual-loss-since-global-financial-crisis-2023-02-09/ |access-date=9 February 2023 |archive-date=9 February 2023 |archive-url=https://web.archive.org/web/20230209113223/https://www.reuters.com/business/finance/credit-suisse-logs-worst-annual-loss-since-global-financial-crisis-2023-02-09/ |url-status=live}}</ref> 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.<ref>{{Cite news |date=14 March 2023 |title=Credit Suisse finds 'material weaknesses' in financial reporting controls |work=Financial Times |url=https://www.ft.com/content/3605c3fb-973d-440d-88e3-9ddf367bbef2 |access-date=15 March 2023 |archive-date=15 March 2023 |archive-url=https://web.archive.org/web/20230315142423/https://www.ft.com/content/3605c3fb-973d-440d-88e3-9ddf367bbef2 |url-status=live}}</ref> ===Collapse=== {{Main|Acquisition of Credit Suisse by UBS}} [[File:Switzerland bonds.webp|thumb|300px|Switzerland bonds <br> [[Inverted yield curve]] in 2023 {{legend-line|#00A2FF solid 3px|30 year}} {{legend-line|#61D836 solid 3px|10 year}} {{legend-line|#929292 solid 3px|2 year}} {{legend-line|#FF95CA solid 3px|1 year}} {{legend-line|#F8BA00 solid 3px|3 month}} {{legend-line|#DA291C solid 3px|Overnight}} ]] [[File:Credit Suisse stock price.webp|thumb|300px|Credit Suisse stock price]] On 15 March 2023, Credit Suisse' share price dropped nearly 25{{nbsp}}percent after Saudi National Bank, its largest investor, said it could not provide more financial assistance.<ref>{{Cite news |last=Illien |first=Noele |date=15 March 2023 |title=Credit Suisse sheds nearly 25%, key backer says no more money |language=en |work=Reuters |url=https://www.reuters.com/business/finance/credit-suisse-shares-drop-fresh-record-low-cds-widen-2023-03-15/ |access-date=15 March 2023 |archive-date=15 March 2023 |archive-url=https://web.archive.org/web/20230315134005/https://www.reuters.com/business/finance/credit-suisse-shares-drop-fresh-record-low-cds-widen-2023-03-15/ |url-status=live}}</ref> The market price of the bank's unsecured bonds set for maturity in 2027 dropped to a low of 33{{nbsp}}percent of their par value on that day, down from being valued at 90{{nbsp}}percent of their par value at the beginning of the month.<ref>{{Cite news |last1=Patrick |first1=Margot |last2=Kowsmann |first2=Patricia |last3=Ostroff |first3=Caitlin |date=15 March 2023 |title=Credit Suisse Shares Plunge as Bank Storm Spreads to Europe |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/credit-suisse-shares-plunge-as-bank-storm-spreads-to-europe-7251349d |access-date=15 March 2023 |archive-date=15 March 2023 |archive-url=https://web.archive.org/web/20230315153436/https://www.wsj.com/articles/credit-suisse-shares-plunge-as-bank-storm-spreads-to-europe-7251349d |url-status=live}}</ref><ref>{{Cite news |last1=Patrick |first1=Margot |last2=Kalin |first2=Stephen |last3=Kowsmann |first3=Patricia |date=15 March 2023 |title=Credit Suisse Stock Price Drops as Much as 30% |work=[[The Wall Street Journal]] |url=https://www.wsj.com/livecoverage/stock-market-news-today-03-15-2023/card/credit-suisse-stock-price-hits-new-low-as-jitters-mount-aXTBTPBvUgAvRJ0uk6eH?mod=article_inline |access-date=15 March 2023 |archive-date=15 March 2023 |archive-url=https://web.archive.org/web/20230315153437/https://www.wsj.com/livecoverage/stock-market-news-today-03-15-2023/card/credit-suisse-stock-price-hits-new-low-as-jitters-mount-aXTBTPBvUgAvRJ0uk6eH?mod=article_inline |url-status=live}}</ref> 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);<ref>{{Cite news |last1=Makortoff |first1=Kalyeena |last2=Wearden |first2=Graeme |date=16 March 2023 |title=Credit Suisse takes $54bn loan from Swiss central bank after share price plunge |work=[[The Guardian]] |url=https://www.theguardian.com/business/2023/mar/16/credit-suisse-takes-50bn-loan-from-swiss-central-bank-after-share-price-plunge |access-date=16 March 2023 |archive-date=16 March 2023 |archive-url=https://web.archive.org/web/20230316074806/https://www.theguardian.com/business/2023/mar/16/credit-suisse-takes-50bn-loan-from-swiss-central-bank-after-share-price-plunge |url-status=live}}</ref><ref>{{Cite news |last=Wearden |first=Graeme |date=16 March 2023 |title=Credit Suisse 'takes decisive action' by borrowing up to £41bn from central bank – business live |work=[[The Guardian]] |url=https://www.theguardian.com/business/live/2023/mar/16/credit-suisse-borrowing-liquidity-swiss-francs-central-bank-ecb-lagarde-jeremy-hunt-business-live |access-date=16 March 2023 |archive-date=16 March 2023 |archive-url=https://web.archive.org/web/20230316074803/https://www.theguardian.com/business/live/2023/mar/16/credit-suisse-borrowing-liquidity-swiss-francs-central-bank-ecb-lagarde-jeremy-hunt-business-live |url-status=live}}</ref> 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.<ref>{{Cite web |last=Smith |first=Elliot |date=16 March 2023 |title=Credit Suisse to buy back $3 billion in debt, sell landmark hotel as credit fears persist |url=https://www.cnbc.com/2022/10/07/credit-suisse-to-repurchase-3-billion-of-debt-securities.html |access-date= |website=[[CNBC]] |language=en |archive-date=16 March 2023 |archive-url=https://web.archive.org/web/20230316123005/https://www.cnbc.com/2022/10/07/credit-suisse-to-repurchase-3-billion-of-debt-securities.html |url-status=live}}</ref> However, this intervention did not stop investors and customers from [[bank run|pulling their money out]] of Credit Suisse, with outflows topping 10 billion Swiss francs during the week,<ref>{{cite news |last1=Noonan |first1=Laura |last2=Morris |first2=Stephen |last3=Fontanella-Khan |first3=James |last4=Massoudi |first4=Arash |last5=Walker |first5=Owen |title=Switzerland prepares emergency measures to deliver UBS takeover of Credit Suisse |url=https://www.ft.com/content/5746165a-3a0c-42c7-9a2e-cb7cf5f33f46 |website=Financial Times |date=18 March 2023 |access-date=18 March 2023 |archive-date=18 March 2023 |archive-url=https://web.archive.org/web/20230318142147/https://www.ft.com/content/5746165a-3a0c-42c7-9a2e-cb7cf5f33f46 |url-status=live}}</ref><ref>{{cite news |last=Maley |first=Karen |date=19 March 2023 |title=Bank panic shows deposits have become hugely volatile |url=https://www.afr.com/companies/financial-services/the-banking-model-is-wobbling-as-deposits-become-flighty-20230319-p5ctb9 |work=[[Australian Financial Review]]}}</ref> and almost $69 billion (approximately 61 billion Swiss francs) in withdrawals during the first calendar quarter.<ref>{{cite news |last1=Merced |first1=Michael J. de la |title=Final Days at Credit Suisse Were Marked by a $69 Billion Race for the Exits |url=https://www.nytimes.com/2023/04/24/business/dealbook/credit-suisse-withdrawals.html |access-date=24 April 2023 |work=The New York Times |date=24 April 2023}}</ref> The situation was so compromised that the SNB and the [[Federal Council (Switzerland)|Swiss government]] started discussions to fast-track the bank's acquisition by [[UBS]].<ref>{{cite news |title=UBS and regulators rush to seal Credit Suisse takeover deal |url=https://www.ft.com/content/5746165a-3a0c-42c7-9a2e-cb7cf5f33f46 |access-date=18 March 2023 |website=Financial Times |date=18 March 2023 |archive-date=18 March 2023 |archive-url=https://web.archive.org/web/20230318142147/https://www.ft.com/content/5746165a-3a0c-42c7-9a2e-cb7cf5f33f46 |url-status=live}}</ref><ref>{{cite news |title=Credit Suisse nella tempesta, il mercato pesa l'opzione Ubs |url=https://www.ilsole24ore.com/art/credit-suisse-tempesta-mercato-pesa-l-opzione-ubs-AEtEfL6C |access-date=18 March 2023 |agency=ilsole24ore.com |publisher=ilsole24ore.com |date=18 March 2023 |archive-date=18 March 2023 |archive-url=https://web.archive.org/web/20230318185517/https://www.ilsole24ore.com/art/credit-suisse-tempesta-mercato-pesa-l-opzione-ubs-AEtEfL6C |url-status=live}}</ref><ref>{{cite news |title=Ubs e Credit Suisse trattano la fusione, al lavoro anche le autorità Usa |url=https://www.ilsole24ore.com/art/ubs-e-credit-suisse-trattano-fusione-e-piano-a-il-salvataggio-AEZcsP6C |access-date=18 March 2023 |agency=ilsole24ore.com |publisher=ilsole24ore.com |date=18 March 2023 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319201124/https://www.ilsole24ore.com/art/ubs-e-credit-suisse-trattano-fusione-e-piano-a-il-salvataggio-AEZcsP6C |url-status=live}}</ref><ref>{{cite news |title=Credit Suisse Crisis Nears Finale as UBS Discussions Heat Up |url=https://www.bloomberg.com/news/articles/2023-03-18/ubs-is-said-to-seek-swiss-backstop-in-any-credit-suisse-deal?srnd=premium-europe&leadSource=uverify%20wall |access-date=18 March 2023 |website=Bloomberg |date=18 March 2023 }}</ref> On 19 March 2023, UBS announced a deal had been reached to [[Acquisition of Credit Suisse by UBS|acquire Credit Suisse]] for US$3.25{{nbsp}}billion ({{CHF|3 billion|ISO=yes}}) in an all-stock deal.<ref name=acq-bb>{{Cite news |date=19 March 2023 |title=UBS Agrees to Buy Credit Suisse in Historic Deal to End Crisis |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-03-19/ubs-agrees-to-buy-credit-suisse-in-historic-deal-to-end-crisis |access-date=19 March 2023 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319172338/https://www.bloomberg.com/news/articles/2023-03-19/ubs-agrees-to-buy-credit-suisse-in-historic-deal-to-end-crisis |url-status=live}}</ref> European regulators have criticized the moral hazard of the [[Tier 1 capital|AT1 bondholders]] suffering in the loss<ref>{{cite web |last1=De Paoli |first1=Lucca |last2=Morpurgo |first2=Giulia |title=Could Credit Suisse's AT1 Wipeout End Up In Court? |url=https://www.bloomberg.com/news/articles/2023-03-23/could-credit-suisse-s-at1-bondholders-challenge-writeoff-in-court |website=[[Bloomberg News]] |access-date=30 March 2023 |language=en |date=23 March 2023}}</ref> of their [[Contingent convertible bond|capital]] rather than the shareholders of the bank.<ref>{{cite web |last1=Foy |first1=Simon |last2=Gill |first2=Oliver |title=Row breaks out between Brussels and the Swiss over Credit Suisse rescue deal |url=https://www.telegraph.co.uk/business/2023/03/20/row-breaks-brussels-swiss-credit-suisse-rescue-deal/ |website=[[The Daily Telegraph|Daily Telegraph]] |access-date=30 March 2023 |date=20 March 2023}}</ref> In June 2024, a group of Credit Suisse bondholders holding $82 million worth of the bank's ATL debt filed a lawsuit against Switzerland seeking compensation.<ref>{{cite web |last1=Walker |first1=Owen |title=Credit Suisse investors sue Switzerland in New York court |url=https://www.ft.com/content/60f0dc76-efb4-4566-95ec-c308d7883439 |website=Financial Times |access-date=18 June 2024}}</ref> According to financial analysts, economic sanctions imposed by [[Switzerland]] on [[Russian economy|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]].<ref>{{cite news |last1=Benny-Morrison |first1=Ava |last2=Strohm |first2=Chris |last3=Halftermeyer |first3=Marion |title=Credit Suisse, UBS Among Banks in DOJ Russia-Sanctions Probe |url=https://www.bloomberg.com/news/articles/2023-03-23/credit-suisse-ubs-among-banks-facing-doj-russia-sanctions-probe |access-date=12 April 2023 |work=[[Bloomberg News]] |date=23 March 2023 |language=en}}</ref> 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.<ref>{{cite web |last1=Jucca |first1=Lisa |title=Credit Suisse mess leaves scattered Swiss debris |url=https://www.reuters.com/breakingviews/credit-suisse-mess-leaves-scattered-swiss-debris-2023-04-24/ |website=Reuters |access-date=25 April 2023 |language=en |date=24 April 2023}}</ref><ref>{{cite web |last1=Illien |first1=Noele |title=Zurich bank looks to capitalise on Credit Suisse's demise |url=https://www.reuters.com/business/finance/zurich-bank-looks-capitalise-credit-suisses-demise-2023-03-27/ |website=Reuters |access-date=25 April 2023 |language=en |date=27 March 2023}}</ref> ===Post-acquisition=== On 27 June 2023, UBS announced its intention to cut more than half of Credit Suisse's workforce.<ref>{{Cite web |url=https://www.bloomberg.com/news/articles/2023-06-27/ubs-preparing-to-cut-more-than-half-of-credit-suisse-workforce |title=UBS Preparing to Cut Over Half of Credit Suisse Workforce |date=27 June 2023 |last1=Halftermeyer |first1=Marion |last2=Benitez |first2=Laura |last3=Balezou |first3=Myriam |publisher=[[Bloomberg News]] |access-date=27 June 2023}}</ref> In July 2024, Credit Suisse (Schweiz) ceased to exist as a separate legal entity after fully being integrated into UBS Switzerland.<ref>{{Cite web |date=2024-07-01 |title=Credit Suisse: Switzerland Head Resigns |url=https://www.finews.com/news/english-news/63350-andre-helfenstein-credit-suisse-schweiz-ubs-integration-schweiz-sabine-keller-busse-2 |access-date=2024-07-01 |website=finews.com |language=en-gb}}</ref> ===Leadership history=== 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.<ref>{{Cite web |date=3 February 2024 |title=Credit Suisse Leadership History: A Detailed Overview Feb 2024 |url=https://financesharetargets.in/credit-suisse-leadership-history-detailed-overview/ |access-date=3 February 2024 |website=Finance Share Target |language=en-US}}</ref> ====Chairmen==== * Otto Aeppli, March 1977–May 1983 * [[Rainer Gut]], May 1983–May 2000 * [[Lukas Mühlemann]], May 2000–December 2002 * [[Walter Kielholz]], January 2003–April 2009 * Hans-Ulrich Doerig, April 2009–April 2011 * [[Urs Rohner]], April 2011–April 2021 * [[António Horta-Osório (banker)|António Horta-Osório]], April 2021–January 2022 * [[Axel Lehmann]], January 2022–present ====Chief executives==== * [[Rainer Gut]], 1977–1983 * {{ill|Robert A. Jeker|de}}, 1983–1993 * [[Josef Ackermann]], 1993–1996 * [[Lukas Mühlemann]], January 1997–December 2002 * [[John J. Mack]], January 2003–July 2004 * [[Oswald Grübel]], 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 Körner]], July 2022–present ==Corporate structure== [[File:Gateway Plaza Sydney.jpg|thumb|[[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,<ref name="web2">{{cite web |url=https://www.credit-suisse.com/governance/doc/csg_articles_of_association_en.pdf |title=Articles of Association of Credit Suisse Group AG |publisher=Credit Suisse |access-date=20 November 2012 |url-status=dead |archive-url=https://web.archive.org/web/20130219033518/https://www.credit-suisse.com/governance/doc/csg_articles_of_association_en.pdf |archive-date=19 February 2013}}</ref> approve the annual report and other financial statements, and have other powers granted by law.<ref name="web2"/> 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.<ref>{{cite web |url=https://www.credit-suisse.com/governance/doc/governance_guidelines_en.pdf |title=Corporate Governance Guidelines of Credit Suisse AG |publisher=Credit Suisse |access-date=20 November 2012 |url-status=dead |archive-url=https://web.archive.org/web/20130606221700/https://www.credit-suisse.com/governance/doc/governance_guidelines_en.pdf |archive-date=6 June 2013}}</ref> The Board sets Credit Suisse's business strategies and approves its compensation (remuneration) principles based on guidance from the compensation committee.{{citation needed|date=March 2022}} It also has the authority to create committees that delegate specific management functions.{{citation needed|date=March 2022}} Credit Suisse has the following operational divisions: *'''[[Private Banking]] & [[Wealth Management]]''' has wealth management, corporate and institutional businesses. *'''[[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.<ref name="web">{{cite web |url=https://www.credit-suisse.com/governance/doc/organizational_guidelines_and_regulations_en.pdf |title=Organizational Guidelines and Regulations of Credit Suisse Group AG and of Credit Suisse AG |publisher=Credit Suisse |access-date=20 November 2012 |url-status=dead |archive-url=https://web.archive.org/web/20130606230227/https://www.credit-suisse.com/governance/doc/organizational_guidelines_and_regulations_en.pdf |archive-date=6 June 2013}}</ref> *'''[[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. 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.<ref>{{cite web |last1=Langley |first1=William |title=UBS revamps leadership as it prepares to complete Credit Suisse deal |url=https://www.ft.com/content/89efe766-6ea6-4122-a70a-ba98499488f2 |website=[[Financial Times]] |access-date=9 May 2023 |archive-url=https://archive.today/20230509063949/https://www.ft.com/content/89efe766-6ea6-4122-a70a-ba98499488f2 |archive-date=9 May 2023 |date=9 May 2023}}</ref> ==Ownership== 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]].<ref>{{cite news |author=Mathilde Farine |url=https://www.letemps.ch/economie/americain-premier-actionnaire-credit-suisse-atil-double-parts |title=Américain, le premier actionnaire de Credit Suisse a-t-il doublé ses parts? - Le Temps |newspaper=Le Temps |language=fr |date=22 March 2022 |access-date=12 August 2022 |archive-date=11 August 2022 |archive-url=https://web.archive.org/web/20220811235827/https://www.letemps.ch/economie/americain-premier-actionnaire-credit-suisse-atil-double-parts |url-status=live}}</ref> 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.<ref>{{Cite web |last=Bloomberg |date=25 January 2023 |title=Qatar Investment Authority ups its stake in Credit Suisse |url=https://gulfbusiness.com/qia-ups-its-stake-in-credit-suisse/ |access-date=26 January 2023 |language=en-US}}</ref> Harris Associates reported having exited all its Credit Suisse positions by March 2023.<ref>{{Cite web |url=https://www.swissinfo.ch/eng/bloomberg/harris-associates-sells-entire-credit-suisse-stake--ft-says/48334276 |title=Harris Associates Sells Entire Credit Suisse Stake, FT Says |website=SWI swissinfo.ch |date=6 March 2023 |access-date=16 March 2023 |archive-date=7 March 2023 |archive-url=https://web.archive.org/web/20230307142745/https://www.swissinfo.ch/eng/bloomberg/harris-associates-sells-entire-credit-suisse-stake--ft-says/48334276 |url-status=live}}</ref> Credit Suisse stock (CS) in the [[NYSE]] fell from $2.50 to $1.88 a share on 15 March 2023.<ref>{{Cite web |url=https://finance.yahoo.com/quote/CS/ |title=Credit Suisse Group AG (CS) |website=Yahoo.com |access-date=17 March 2023 |archive-date=16 March 2023 |archive-url=https://web.archive.org/web/20230316160726/https://finance.yahoo.com/quote/CS |url-status=live}}</ref> On 19 March 2023, fellow Swiss bank group UBS agreed to buy Credit Suisse for more than {{US$|3}}{{nbsp}}billion.<ref name=acq-bb /> The purchase of Credit Suisse by UBS has reportedly averted a greater crisis, according to SNB.<ref>{{Cite news |url=https://apnews.com/article/credit-suisse-ubs-switzerland-bank-collapse-322332b9de476bce937c9e965b225a2f |title=Credit Suisse deal averted crisis, Swiss central bank says |work=Associated Press |date=23 March 2023 |access-date=23 March 2023}}</ref> ==Financial products== {{cladogram|title=Credit Suisse products |cladogram={{clade|style=font-size:100%;line-height:50% |1={{clade |1={{clade | thickness=2 |1=Estate&nbsp;planning |2=Insurance |3=Tax&nbsp;planning |4=Philanthropy |5=Investment&nbsp;products |6=Foreign&nbsp;exchange |7=Lending |8=Managed&nbsp;accounts |9=Real&nbsp;estate }} |2={{clade | thickness=2 |1=Securities |2=Equity&nbsp;products |3=M&A |4=Fixed&nbsp;income |5=Mutual&nbsp;funds |6=Hedge&nbsp;funds |7=Investment&nbsp;advice }} |label1=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth&nbsp;management&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |label2=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment&nbsp;banking&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; }} }} }} Credit Suisse endorses a strategy called [[bancassurance]] of trying to be a single company that offers every common financial services product.<ref>{{cite news |url=https://www.nytimes.com/2002/10/03/business/credit-suisse-to-prop-up-insurer-unit.html |title=Credit Suisse To Prop Up Insurer Unit |work=[[The New York Times]] |first=Alison |last=Langley |date=3 October 2002 |access-date=7 February 2017 |archive-date=6 March 2016 |archive-url=https://web.archive.org/web/20160306224035/http://www.nytimes.com/2002/10/03/business/credit-suisse-to-prop-up-insurer-unit.html |url-status=live}}</ref><ref name="Maude2006">{{cite book |url=https://books.google.com/books?id=CBMzXBkjY94C |title=Global Private Banking and Wealth Management: The New Realities |publisher=John Wiley & Sons |first=David |last=Maude |year=2006 |isbn=978-0-470-03053-0}}</ref> The investment bank is intended for companies and wealthy individuals with more than 50,000 euro.<ref name="McDonaldKeasey2003">{{cite book |url=https://books.google.com/books?id=JKHmw3i8DzIC&pg=PA176 |title=The Future of Retail Banking in Europe: A View from the Top |publisher=John Wiley & Sons |first1=Oonagh |last1=McDonald |first2=Kevin |last2=Keasey |page=176 |year=2003 |isbn=978-0-470-85574-4}}</ref> 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.<ref>{{cite journal |title=A comparative analysis of current credit risk models |journal=Journal of Banking & Finance |first1=Michel |last1=Crouhy |first2=Dan |last2=Galai |first3=Robert |last3=Mark |volume=24 |issue=1–2 |pages=59–117 |date=January 2000 |doi=10.1016/S0378-4266(99)00053-9}}</ref> As of 2002 about 20 percent of Credit Suisse's revenue was from its insurance business it gained through the 1997 acquisition of Winterthur.<ref>{{cite news |url=http://www.ft.com/cms/s/0/41767708-9203-11e1-867e-00144feab49a.html |title=Credit Suisse fund plans London float |work=[[Financial Times]] |first=Sam |last=Jones |date=29 April 2012 |access-date=30 November 2012 |archive-date=6 July 2012 |archive-url=https://web.archive.org/web/20120706162918/http://www.ft.com/cms/s/0/41767708-9203-11e1-867e-00144feab49a.html |url-status=live}}</ref> 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.<ref name="Plunkett2005">{{cite book |url=https://books.google.com/books?id=oc3PhznCxR8C&pg=PT222 |title=Plunkett's Banking, Mortgages and Credit Industry Almanac 2006 |publisher=Plunkett Research |first=Jack W. |last=Plunkett |page=222 |year=2005 |isbn=978-1-59392-381-5}}</ref> Historically 20–40 percent of the bank's revenue has been from private banking services, one of its higher profit-margin divisions.<ref name="Fischer(ed)2003">{{cite book |url=https://books.google.com/books?id=pwmx-JMHBI8C&pg=PA171 |title=Excellence in Practice: Innovation and Excellence in Workflow and Business Process Management |publisher=Future Strategies |editor-first=Layna |editor-last=Fischer |volume=5 |page=171 |year=2003 |isbn=978-0-9703509-5-4}}</ref> Credit Suisse produces one of the six hedge funds following European stock indices that are used to evaluate the performance of the markets.<ref>{{cite news |url=http://www.ft.com/intl/cms/s/0/02b33f3c-3bb0-11e1-bb39-00144feabdc0.html |title=Credit Suisse offers trades for eurozone shorting |work=[[Financial Times]] |first=Sam |last=Jones |date=11 January 2012 |access-date=29 November 2013 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319201716/https://www.ft.com/content/02b33f3c-3bb0-11e1-bb39-00144feabdc0 |url-status=live}}</ref><ref name="choices">{{cite news |url=http://www.ft.com/intl/cms/s/0/c6e9da2c-2cf1-11e2-9211-00144feabdc0.html |title=Investors grapple with sector's multiple choices |work=[[Financial Times]] |first=Sam |last=Jones |date=17 November 2012 |access-date=29 November 2012 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319201705/https://www.ft.com/content/c6e9da2c-2cf1-11e2-9211-00144feabdc0 |url-status=live}}</ref> 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.<ref>{{cite news |url=https://www.wsj.com/articles/SB10001424052748703376504575491962889003330 |title=Credit Suisse Adds Heft in Hedge Fund as Rivals Exit |work=[[The Wall Street Journal]] |first=Jenny |last=Strasburg |date=15 September 2010 |access-date=29 November 2012 |archive-date=14 May 2015 |archive-url=https://web.archive.org/web/20150514063820/http://www.wsj.com/articles/SB10001424052748703376504575491962889003330 |url-status=live}}</ref> Credit Suisse manages the financial instruments of the Dow Jones Credit Suisse [[long/short equity]] index (originally called Credit Suisse/Tremont Hedge Fund Indexes).<ref name="DarbyshireHampton2012">{{cite book |url=https://books.google.com/books?id=aSujcjYygRkC&pg=PA250 |title=Hedge Fund Modeling and Analysis Using Excel and VBA |publisher=John Wiley & Sons |first1=Paul |last1=Darbyshire |first2=David |last2=Hampton |page=250 |year=2012 |isbn=978-1-119-94563-5}}</ref> According to a 2011 article in ''[[Seeking Alpha]]'', Credit Suisse's investment managers favor financial, technology and energy sector stocks.<ref>{{cite news |url=http://seekingalpha.com/article/260579-credit-suisse-s-top-holdings-a-brief-analysis |title=Credit Suisse's Top Holdings: A Brief Analysis |work=[[Seeking Alpha]] |date=29 March 2011 |access-date=21 October 2012 |archive-date=6 February 2013 |archive-url=https://web.archive.org/web/20130206013227/http://seekingalpha.com/article/260579-credit-suisse-s-top-holdings-a-brief-analysis |url-status=live}}</ref> 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.<ref name="julian"/> 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.<ref>{{cite news |title=Credit Suisse Fund Manager Tries to Do More With Less |work=[[The Wall Street Journal]] |first=Gaston |last=Ceron |page=C27 |date=9 April 2002}}</ref> Credit Suisse publishes its investment advice in four publications: ''Compass, Viewpoints, Research'' and the ''Credit Suisse Investment Committee Report''.<ref>{{cite web |url=https://www.credit-suisse.com/us/privatebanking/services/en/investment-strategy.jsp |title=Investment Strategy |publisher=Credit Suisse |access-date=21 November 2012 |url-status=dead |archive-url=https://web.archive.org/web/20121103152057/http://www.credit-suisse.com/us/privatebanking/services/en/investment-strategy.jsp |archive-date=3 November 2012}}</ref> 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 [[OPEC Fund for International Development|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.<ref>{{cite web |last1=Campos |first1=Rodrigo |last2=Jones |first2=Marc |title=Ecuador frees cash for Galapagos conservation with $1.6 billion bond buyback |url=https://www.reuters.com/world/americas/ecuador-frees-cash-galapagos-conservation-with-16-bln-bond-repurchase-2023-05-05/ |website=Reuters |access-date=6 May 2023 |language=en |date=5 May 2023}}</ref> ==Reputation and rankings== 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.<ref name=":1">{{cite web |last=tagesschau.de |title="Suisse Secrets": Credit Suisse und ihre kriminellen Kunden |url=https://www.tagesschau.de/investigativ/ndr-wdr/suisse-secrets-105.html |access-date=20 February 2022 |website=tagesschau.de |language=de |archive-date=20 February 2022 |archive-url=https://web.archive.org/web/20220220170340/https://www.tagesschau.de/investigativ/ndr-wdr/suisse-secrets-105.html |url-status=live}}</ref> 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.<ref>{{cite news |url=https://dealbook.nytimes.com/2012/11/01/the-list-that-big-banks-dont-wish-to-be-on/ |title=The List That Big Banks Don't Wish to Be On |work=[[The New York Times]]{{\}}DealBook |first=Peter |last=Eavis |date=1 November 2012 |access-date=21 November 2012 |archive-date=8 November 2012 |archive-url=https://web.archive.org/web/20121108094540/http://dealbook.nytimes.com/2012/11/01/the-list-that-big-banks-dont-wish-to-be-on/ |url-status=live }}</ref><ref>{{cite web |url=https://www.financialstabilityboard.org/publications/r_121031ac.pdf |archive-url=https://web.archive.org/web/20121119070121/http://www.financialstabilityboard.org/publications/r_121031ac.pdf |url-status=dead |archive-date=19 November 2012 |title=Update of group of global systemically important banks (G-SIBs) |publisher=Financial Stability Board |date=1 November 2012 |access-date=19 November 2012}}</ref> The bank was also one of ''[[Fortune Magazine]]'s'' most admired companies.<ref>{{cite news |url=https://money.cnn.com/magazines/fortune/mostadmired/2011/snapshots/10334.html |title=World's Most Admired Companies: Credit Suisse |work=CNN Money |year=2011 |access-date=21 November 2012 |archive-date=11 November 2012 |archive-url=https://web.archive.org/web/20121111102650/http://money.cnn.com/magazines/fortune/mostadmired/2011/snapshots/10334.html |url-status=live}}</ref> As of 2004, Credit Suisse was first in volume of high-yield transactions, second for corporate high-yield bond insurance and third for [[Securities underwriting|IPO underwriting]].<ref name="vault">{{cite book |url=https://books.google.com/books?id=Jn6cBVJVqpMC&pg=PA134 |title=Vault Guide to the Top Financial Services Employers |publisher=Vault |first=Derek |last=Loosvelt |page=134 |year=2006 |isbn=978-1-58131-416-8}}</ref> As of 2012, Credit Suisse was recognised as the world's best private bank by ''[[Euromoney]]''{{'s}} Global Private Banking Survey<ref>{{cite news |url=http://www.euromoney.com/Article/2974936/Press-release-Credit-Suisse-retains-crown-as-top-global-private-bank-in-benchmark-Euromoney-survey.html?single=true |title=Credit Suisse retains crown as top global private bank in benchmark Euromoney survey |work=[[Euromoney]] |date=7 February 2012 |access-date=29 November 2012 |archive-date=3 December 2013 |archive-url=https://web.archive.org/web/20131203004501/http://www.euromoney.com/Article/2974936/Press-release-Credit-Suisse-retains-crown-as-top-global-private-bank-in-benchmark-Euromoney-survey.html?single=true |url-status=live}}</ref> and as the best European Equity Manager by ''Global Investors''.<ref name="julian">{{cite journal |title=Best European Equity Manager: Credit Suisse Asset Management |journal=Global Investor |first=Julian |last=Marshall |volume=119 |page=15 |year=1999}}</ref> In polls by ''Euromoney'', it has been ranked as the top private bank and the best bank in Switzerland.<ref name="coverstory">{{cite news |url=http://www.euromoney.com/Article/2386687/Credit-Suisse-reaches-the-summit-of-private-banking.html |title=Credit Suisse reaches the summit of private banking |work=[[Euromoney]] |first=Helen |last=Avery |volume=41 |issue=490 |pages=56–60 |year=2010 |access-date=29 November 2013 |archive-date=3 December 2013 |archive-url=https://web.archive.org/web/20131203004925/http://www.euromoney.com/Article/2386687/Credit-Suisse-reaches-the-summit-of-private-banking.html |url-status=live}}</ref> 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.<ref name="name2"/> 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 (magazine)|Institutional Investor]]''.<ref name="vault"/> 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.<ref>{{cite web |last1=Pegg |first1=David |last2=Makortoff |first2=Kalyeena |last3=Chulov |first3=Martin |last4=Lewis |first4=Paul |last5=Harding |first5=Luke |title=Revealed: Credit Suisse leak unmasks criminals, fraudsters and corrupt politicians |url=https://www.theguardian.com/news/2022/feb/20/credit-suisse-secrets-leak-unmasks-criminals-fraudsters-corrupt-politicians |website=[[The Guardian]] |access-date=14 May 2023 |date=20 February 2022}}</ref> 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.<ref>{{cite web |last1=Pröbstl |first1=Georg |title=UBS: Die Aktie ist nach oben ausgebrochen |url=https://www.cash.ch/news/trading-ideen/ubs-die-aktie-ist-nach-oben-ausgebrochen-633885 |website=cash |access-date=4 September 2023 |language=de-CH}}</ref> ==Controversies== ===Mismarking, 2007=== In 2007, two Credit Suisse [[Trader (finance)|trader]]s pleaded guilty to [[mismarking]] their [[securities position]]s to overvalue them by $3 billion, avoid losses, and increase their year-end [[Bonus payment|bonus]]es.<ref name="auto">{{cite web |url=https://dealbook.nytimes.com/2012/02/01/3-ex-traders-at-credit-suisse-charged-with-fraud/ |title=3 Former Traders at Credit Suisse Charged With Bond Fraud |author=Peter Lattman and Peter Eavis |date=2 February 2012 |website=DealBook |access-date=8 November 2020 |archive-date=30 November 2020 |archive-url=https://web.archive.org/web/20201130120910/https://dealbook.nytimes.com/2012/02/01/3-ex-traders-at-credit-suisse-charged-with-fraud/ |url-status=live}}</ref><ref>{{cite web |url=https://dealbook.nytimes.com/2013/04/12/ex-credit-suisse-executive-pleads-guilty-to-inflating-value-of-mortgage-bonds/ |title=Former Credit Suisse Executive Pleads Guilty to Inflating the Value of Mortgage Bonds |first=Peter |last=Lattman |date=12 April 2013 |website=DealBook |access-date=8 November 2020 |archive-date=21 April 2020 |archive-url=https://web.archive.org/web/20200421155152/https://dealbook.nytimes.com/2013/04/12/ex-credit-suisse-executive-pleads-guilty-to-inflating-value-of-mortgage-bonds/ |url-status=live}}</ref><ref>{{cite web |url=https://www.housingwire.com/articles/sec-charges-four-credit-suisse-bankers-subprime-bond-fraud/ |work=Housing Wire |title=SEC charges four Credit Suisse bankers in subprime bond fraud |author=Jacob Gaffney |date=1 February 2012 |access-date=8 November 2020 |archive-date=14 August 2021 |archive-url=https://web.archive.org/web/20210814203811/https://www.housingwire.com/articles/sec-charges-four-credit-suisse-bankers-subprime-bond-fraud/ |url-status=live}}</ref> 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.<ref>{{cite web |url=https://www.sec.gov/news/press-release/2012-2012-23htm |title=SEC Charges Former Credit Suisse Investment Bankers in Subprime Bond Pricing Scheme During Credit Crisis |website=SEC.gov |date=1 February 2012 |access-date=8 November 2020 |archive-date=11 November 2020 |archive-url=https://web.archive.org/web/20201111234533/https://www.sec.gov/news/press-release/2012-2012-23htm |url-status=live}}</ref><ref name="auto2">{{cite web |url=https://www.afr.com/markets/equity-markets/former-credit-suisse-traders-charged-with-fraud-20120202-i3p6a |title=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. |date=2 February 2012 |website=Australian Financial Review |access-date=8 November 2020 |archive-date=14 August 2021 |archive-url=https://web.archive.org/web/20210814231044/https://www.afr.com/markets/equity-markets/former-credit-suisse-traders-charged-with-fraud-20120202-i3p6a |url-status=live}}</ref> The traders engaged in what ''[[The New York Times]]'' called "a brazen scheme to artificially increase the price of [[Bond (finance)|bond]]s on their books to create fictitious profits".<ref name="auto"/> 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 desk]]s.<ref name="auto"/><ref name="auto5">{{cite web |last1=McGrath |first1=Joe |title=Why Do Good People Do Bad Things? A Multi-Level Analysis of Individual, Organizational, and Structural Causes of White-Collar Crime |url=https://digitalcommons.law.seattleu.edu/cgi/viewcontent.cgi?article=2646&context=sulr |website=[[Seattle University Law Review]] |access-date=6 November 2023 |archive-url=https://web.archive.org/web/20201111140658/https://digitalcommons.law.seattleu.edu/cgi/viewcontent.cgi?article=2646&context=sulr |archive-date=11 November 2020 |date=28 April 2023}}</ref> The traders secured sham "independent" marks for illiquid securities that they held position in from friends who worked at other financial firms.<ref name="auto2"/><ref name="auto"/><ref name="auto5"/> 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.<ref name="auto"/><ref name="auto5"/> The bank was not charged in the case.<ref name="auto"/> Credit Suisse's outside auditor discovered the mismarkings during an audit.<ref>{{cite web |url=https://www.reuters.com/article/us-creditsuisse-idUSL1645033720080219 |title=Credit Suisse reveals $2.85 billion write-downs |author=Andrew Hurst |date=19 February 2008 |publisher=Reuters |access-date=8 November 2020 |archive-date=15 November 2020 |archive-url=https://web.archive.org/web/20201115020627/https://www.reuters.com/article/us-creditsuisse-idUSL1645033720080219 |url-status=live}}</ref> Credit Suisse took a $2.65 billion write-down after discovering their traders' mismarking.<ref name="auto2"/> ===Japan limited income tax case, 2008=== {{see also|Credit Suisse Securities Japan Limited income tax case}} In November 2008, 300 current and former Credit Suisse employees had understated or completely failed to declare stock-based compensation. Among all these cases one individual, Takashi Hatta was prosecuted from the investigation done by the Tokyo Regional Taxation Bureau.<ref>{{cite web |title=100 at Credit Suisse fail to declare ¥2 billion |url=https://www.japantimes.co.jp/news/2010/02/20/business/100-at-credit-suisse-fail-to-declare-2-billion/ |website=[[The Japan Times]] |access-date=13 January 2024 |language=en |date=20 February 2010}}</ref> He insisted that he did not intend tax evasion, not realizing Credit Suisse had not withheld income tax, as is usual in Japan. After years of investigation and trials, Hatta was acquitted.{{Citation needed|date=April 2024}} ===International Emergency Economic Powers Act and New York State Law violations, 2009=== 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 (state)|New York]] law from 1995 to 2006. The settlement resulted in Credit Suisse forfeiting $536 million.<ref>{{cite web |url=https://www.justice.gov/opa/pr/credit-suisse-agrees-forfeit-536-million-connection-violations-international-emergency |title=Credit Suisse Agrees to Forfeit $536 Million in Connection with Violations of the International Emergency Economic Powers Act and New York State Law |date=16 December 2009 |website=Justice.gov |language=en |access-date=10 April 2020 |archive-date=10 April 2020 |archive-url=https://web.archive.org/web/20200410171437/https://www.justice.gov/opa/pr/credit-suisse-agrees-forfeit-536-million-connection-violations-international-emergency |url-status=live}}</ref> ===US tax fraud conspiracy, 2014, 2023=== {{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.<ref>{{Cite news |last1=Drucker |first1=Jesse |last2=Hubbard |first2=Ben |date=20 February 2022 |title=Vast Leak Exposes How Credit Suisse Served Strongmen and Spies |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/02/20/business/credit-suisse-leak-swiss-bank.html |access-date=20 February 2022 |issn=0362-4331 |archive-date=20 February 2022 |archive-url=https://web.archive.org/web/20220220170853/https://www.nytimes.com/2022/02/20/business/credit-suisse-leak-swiss-bank.html |url-status=live}}</ref> 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.<ref>{{cite news |title=Credit Suisse faces U.S. tax probe, senate inquiry - Bloomberg News |url=https://www.reuters.com/business/finance/credit-suisse-faces-us-tax-probe-senate-inquiry-bloomberg-news-2022-10-11/ |access-date=20 March 2023 |work=Reuters |date=11 October 2022 |language=en}}</ref> 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.<ref>{{cite web |last1=Keaten |first1=Jamey |last2=Bonnell |first2=Courtney |title=US: Credit Suisse violates deal on rich clients' tax evasion |url=https://abcnews.go.com/US/wireStory/senate-credit-suisse-helps-rich-americans-evade-taxes-98201992 |website=[[ABC News (United States)|ABC News]] |access-date=31 March 2023 |language=en |date=29 March 2023}}</ref> ===Malaysia Development Berhad scandal, 2015=== {{See also|1Malaysia Development Berhad scandal}} In September 2015 Hong Kong police began investigations regarding $250&nbsp;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).<ref>{{cite web |date=11 September 2015 |title=Hong Kong police launch probe into US$250&nbsp;million linked to Najib |url=http://www.themalaysianinsider.com/malaysia/article/hong-kong-police-launch-probe-into-us250-million-linked-to-najib/malaysia/article/hong-kong-police-launch-probe-into-us250-million-linked-to-najib |url-status=dead |archive-url=https://web.archive.org/web/20150928090226/http://www.themalaysianinsider.com/malaysia/article/hong-kong-police-launch-probe-into-us250-million-linked-to-najib/malaysia/article/hong-kong-police-launch-probe-into-us250-million-linked-to-najib |archive-date=28 September 2015}}</ref> In 2017, Singapore fined Credit Suisse a total of S$0.7m (£0.4m, $0.5m, €0.45m).<ref>{{Cite news |last=Hastings |first=Kirsten |date=30 May 2017 |title=Credit Suisse and UOB fined as 1MDB probe hits two years |language=en-GB |url=https://international-adviser.com/credit-suisse-uob-fined-1mdb-probe-hits/ |access-date=5 March 2022 |archive-date=5 March 2022 |archive-url=https://web.archive.org/web/20220305205639/https://international-adviser.com/credit-suisse-uob-fined-1mdb-probe-hits/ |url-status=live}}</ref> In May 2017, Reuters reported that "Swiss financial watchdog FINMA ... had conducted "extensive investigations" into Credit Suisse's dealings surrounding 1MDB".<ref>{{cite news |title=Singapore fines Credit Suisse, UOB over 1MDB-linked dealings, wraps up review |url=https://uk.reuters.com/article/us-malaysia-scandal-singapore/singapore-fines-credit-suisse-uob-over-1mdb-linked-dealings-wraps-up-review-idUKKBN18Q01P |work=Reuters |date=30 May 2017 |access-date=15 September 2020 |archive-date=17 September 2020 |archive-url=https://web.archive.org/web/20200917023705/https://uk.reuters.com/article/us-malaysia-scandal-singapore/singapore-fines-credit-suisse-uob-over-1mdb-linked-dealings-wraps-up-review-idUKKBN18Q01P |url-status=dead}}</ref> In 2019 FINMA issued a complaint to Credit Suisse.<ref>{{cite news |title=Swiss bankers fined over 1MDB dealings |url=https://www.swissinfo.ch/eng/1mdb-scandal_swiss-bankers-fined-over-1mdb-dealings/45390952 |work=SWI swissinfo.ch |date=25 November 2019 |access-date=15 September 2020 |archive-date=16 September 2020 |archive-url=https://web.archive.org/web/20200916173554/https://www.swissinfo.ch/eng/1mdb-scandal_swiss-bankers-fined-over-1mdb-dealings/45390952 |url-status=live}}</ref> ===Mozambique secret loans scandal, 2017=== {{Main|Tuna bonds}} Between 2012 and 2016, Credit Suisse [[Tuna bonds|brokered US$1.3 billion of loans]] with [[Mozambique|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 [[International Monetary Fund|IMF]] and the banks issuing the loans, including Credit Suisse.<ref>{{Cite news |date=27 January 2017 |title=Mozambique fell prey to the promise of fabulous wealth – now it can't pay nurses |work=The Guardian |url=https://www.theguardian.com/global-development/2017/jan/27/mozambique-fabulous-wealth-gas-reserves-pay-nurses-debt-crisis |access-date=8 November 2021 |archive-date=8 November 2021 |archive-url=https://web.archive.org/web/20211108024403/https://www.theguardian.com/global-development/2017/jan/27/mozambique-fabulous-wealth-gas-reserves-pay-nurses-debt-crisis |url-status=live}}</ref> 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.<ref>{{Cite news |title=Credit Suisse fined £350m over Mozambique 'tuna bonds' loan scandal |work=The Guardian |url=https://www.theguardian.com/business/2021/oct/19/credit-suisse-fined-350m-over-mozambique-tuna-bonds-loan-scandal |access-date=8 November 2021 |archive-date=25 January 2022 |archive-url=https://web.archive.org/web/20220125004218/https://www.theguardian.com/business/2021/oct/19/credit-suisse-fined-350m-over-mozambique-tuna-bonds-loan-scandal |url-status=live}}</ref> ===US Foreign Corrupt Practices Act violation, 2018=== 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]].<ref>{{cite web |url=https://www.sec.gov/news/press-release/2018-128 |title=SEC.gov {{!}} SEC Charges Credit Suisse With FCPA Violations |website=sec.gov |access-date=14 February 2019 |archive-date=14 February 2019 |archive-url=https://web.archive.org/web/20190214174253/https://www.sec.gov/news/press-release/2018-128 |url-status=live}}</ref><ref>{{cite web |last1=Robinson |first1=Matt |last2=Hurtado |first2=Patricia |title=Credit Suisse to Pay $77 Million to Settle Princeling Probes |url=https://www.bloomberg.com/news/articles/2018-07-05/credit-suisse-to-pay-47-million-fine-over-princeling-probe |website=Bloomberg News |access-date=13 April 2023 |archive-url=https://web.archive.org/web/20190214174432/https://www.bloomberg.com/news/articles/2018-07-05/credit-suisse-to-pay-47-million-fine-over-princeling-probe |archive-date=14 February 2019 |date=5 July 2018}}</ref> ===Climate controversy, 2018=== {{See also|Climate justice}} [[File:Kopalnia węgla brunatnego i elektrownia Bełchatów - panoramio (1).jpg|thumb|Credit Suisse invests in [[fossil fuel]]s, including [[coal-fired power station]]s.]] In November 2018, about a dozen [[Climate movement|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 fuel]]s.<ref name=AP07.01.2020>{{cite news |agency=Associated Press |title=12 Climate Activists on Trial for Stunt at Swiss Bank Office |url=https://www.seattletimes.com/business/12-climate-activists-on-trial-for-stunt-at-swiss-bank-office/ |work=[[The New York Times]] |date=7 January 2020 |access-date=9 January 2020}}</ref><ref name=SWI08.01.2020>{{Cite news |agency=[[Reuters]] |title=Fossil fuel investments: Climate activists on trial over Credit Suisse tennis stunt |url=https://www.swissinfo.ch/eng/fossil-fuel-investments-_climate-activists-on-trial-over-credit-suisse-tennis-stunt--/45479224 |work=[[Swissinfo]] |date=8 January 2020 |access-date=9 January 2020 |archive-date=9 January 2020 |archive-url=https://web.archive.org/web/20200109195328/https://www.swissinfo.ch/eng/fossil-fuel-investments-_climate-activists-on-trial-over-credit-suisse-tennis-stunt--/45479224 |url-status=live}}</ref> Credit Suisse lodged a complaint and the activists from Lausanne were tried in January 2020 and fined 21,600 [[Swiss franc|CHF]]. They were later cleared of all charges in what a Swiss media outlet considered a 'historical decision'.<ref name=LeTemps>{{Cite news |author=Le Temps |title=Climate Activists put Credit Swiss on its knees |url=https://www.letemps.ch/suisse/manifestants-climat-mettent-credit-suisse-terre |access-date=28 April 2020 |archive-date=23 May 2020 |archive-url=https://web.archive.org/web/20200523165111/https://www.letemps.ch/suisse/manifestants-climat-mettent-credit-suisse-terre |url-status=live}}</ref><ref>{{Cite news |author=24Heures |title=Historical acquittal for climate activists |url=https://www.24heures.ch/vaud-regions/climat-acquittement-historique/story/19798475 |access-date=28 April 2020 |archive-date=29 April 2020 |archive-url=https://web.archive.org/web/20200429155255/https://www.24heures.ch/vaud-regions/climat-acquittement-historique/story/19798475 |url-status=live}}</ref><ref name=AP07.01.2020/><ref name=SWI08.01.2020/><ref>{{Cite web |url=https://papers.ssrn.com/abstract=3630780 |title=Klimawandel als strafrechtlicher Notstand (The Climate Necessity Defense in Swiss Criminal Law) |first=Andrés |last=Payer |date=26 May 2020 |ssrn=3630780 |accessdate=16 March 2023 |via=papers.ssrn.com |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319201658/https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3630780 |url-status=live}}</ref> 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).<ref name=AP07.01.2020/><ref name=SWI08.01.2020/> 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.<ref>{{Cite news |title=Roger Federer responds to climate crisis criticism from Greta Thunberg |url=https://www.theguardian.com/sport/2020/jan/12/roger-federer-responds-to-climate-change-criticism-from-greta-thunberg |work=[[The Guardian]] |date=12 January 2020 |access-date=12 January 2020 |archive-date=12 January 2020 |archive-url=https://web.archive.org/web/20200112062801/https://www.theguardian.com/sport/2020/jan/12/roger-federer-responds-to-climate-change-criticism-from-greta-thunberg |url-status=live}}</ref> 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.<ref>{{cite web |url=https://discreditsuisse.ch/en/credit-suisse-fossil-bank/ |title=Credit Suisse, fossil bank |access-date=22 August 2020 |archive-date=3 August 2020 |archive-url=https://web.archive.org/web/20200803210816/https://discreditsuisse.ch/en/credit-suisse-fossil-bank/ |url-status=dead}}</ref> ===Private spying scandal, 2019=== 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.<ref name="theguardian.com">{{cite web |date=1 October 2019 |title=Credit Suisse chief operating officer fired over spying scandal |url=http://www.theguardian.com/business/2019/oct/01/credit-suisse-spying-scandal-investigation |access-date=6 April 2021 |website=the Guardian |language=en |archive-date=10 February 2021 |archive-url=https://web.archive.org/web/20210210035454/https://www.theguardian.com/business/2019/oct/01/credit-suisse-spying-scandal-investigation |url-status=live}}</ref> Bouée was fired, and a private investigator involved in the surveillance apparently killed himself.<ref name="theguardian.com"/> ===Greensill Capital, 2021=== {{Main|Greensill Capital}} In March 2021, Credit Suisse closed and liquidated several [[Supply chain finance|supply-chain]] [[investment fund]]s 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.<ref>{{Cite news |last1=Walker |first1=Owen |last2=Morris |first2=Stephen |date=25 March 2021 |title=Credit Suisse pegs potential Greensill fund losses at $3bn |work=[[Financial Times]] |url=https://www.ft.com/content/bb4f4311-e8b6-46a5-885d-4ed9b9febd22 |access-date=8 April 2021 |archive-date=6 April 2021 |archive-url=https://web.archive.org/web/20210406130854/https://www.ft.com/content/bb4f4311-e8b6-46a5-885d-4ed9b9febd22 |url-status=live}}</ref> Credit Suisse has returned around $7.4 billion to investors in its Greensill-linked funds.<ref>{{cite web |last1=Walker |first1=Owen |title=Credit Suisse breached supervisory law over $10bn Greensill funds |url=https://www.ft.com/content/90e1ddae-5ea6-4a88-8f8e-bf10cb3207fc |website=Financial Times |access-date=23 April 2024 |date=27 February 2023}}</ref> ===Archegos Capital, 2021=== 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 Management|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.<ref>{{Cite news |title=Credit Suisse removes senior executives after $4.7bn Archegos losses |url=https://www.ft.com/content/c10d0b81-f2ef-48c3-8e9c-17419f4af21b |url-status=live |archive-url=https://archive.today/20210406083420/https://www.ft.com/content/c10d0b81-f2ef-48c3-8e9c-17419f4af21b |archive-date=6 April 2021 |access-date=7 April 2021 |work=The Financial Times}}</ref> Just prior to Credit Suisse's 2021 Annual General Meeting, Andreas Gottschling, head of the board's risk committee, also stood down.<ref>{{cite web |date=30 April 2021 |title=Credit Suisse crisis worst yet for banking veteran Horta-Osorio |url=https://www.reuters.com/business/finance/credit-suisse-board-member-gottschling-exit-after-greensill-archegos-losses-2021-04-30/ |access-date=1 May 2021 |website=Reuters |archive-date=30 April 2021 |archive-url=https://web.archive.org/web/20210430111733/https://www.reuters.com/business/finance/credit-suisse-board-member-gottschling-exit-after-greensill-archegos-losses-2021-04-30/ |url-status=live}}</ref> In July 2023, Credit Suisse's parent UBS was fined $269&nbsp;million by the Federal Reserve and $119&nbsp;million by the Bank of England for its failure in risk management.<ref>{{cite news |last1=Illien |first1=Noele |last2=Revill |first2=John |title=UBS agrees to pay $388 million over Credit Suisse's Archegos failings |url=https://www.reuters.com/business/finance/ubs-agrees-pay-388-million-over-credit-suisses-archegos-failings-2023-07-24/ |access-date=24 July 2023 |work=Reuters |date=24 July 2023 |language=en}}</ref> ===Forex manipulations conviction, 2021=== In 2021, Credit Suisse was fined €83.3 million for [[Forex scandal|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.<ref>{{cite web |url=https://www.swissinfo.ch/eng/business/swiss-banks-implicated-in-trading-cartel-investigation/47160018 |title=Swiss banks implicated in trading cartel investigation |website=Swissinfo.ch |date=2 December 2021 |access-date=4 December 2021 |archive-date=4 December 2021 |archive-url=https://web.archive.org/web/20211204043850/https://www.swissinfo.ch/eng/business/swiss-banks-implicated-in-trading-cartel-investigation/47160018 |url-status=live}}</ref><ref>{{cite web |url=https://www.swissinfo.ch/eng/bloomberg/-sterling-lads--forex-fix-earns-banks--390-million-in-fines/47160068 |title='Sterling Lads' Forex Fix Earns Banks $390 Million in Fines |website=Swissinfo.ch |access-date=4 December 2021 |archive-date=4 December 2021 |archive-url=https://web.archive.org/web/20211204043849/https://www.swissinfo.ch/eng/bloomberg/-sterling-lads--forex-fix-earns-banks--390-million-in-fines/47160068 |url-status=live}}</ref> 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.<ref>{{cite news |last1=Godoy |first1=Jody |title=U.S. jury finds Credit Suisse did not rig forex market |url=https://www.reuters.com/markets/us/us-jury-finds-credit-suisse-did-not-rig-forex-market-2022-10-20/ |access-date=2 April 2023 |work=Reuters |date=20 October 2022 |language=en}}</ref><ref>{{cite news |last=Van Voris |first=Bob |title=Credit Suisse Cleared of Claims It Conspired to Fix FX Rates |url=https://www.bloomberg.com/news/articles/2022-10-20/credit-suisse-wins-class-action-fx-trial-after-15-banks-settled |access-date=2 April 2023 |work=[[Bloomberg News]] |date=20 October 2022 |language=en}}</ref> ===Drug money laundering scandal, 2022=== 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.<ref>{{cite news |url=https://www.reuters.com/business/finance/credit-suisse-faces-money-laundering-charges-trial-bulgarian-cocaine-traffickers-2022-02-07/ |title=Credit Suisse faces money laundering charges in Bulgarian cocaine traffickers trial |first1=Brenna Hughes |last1=Neghaiwi |first2=Silke |last2=Koltrowitz |newspaper=Reuters |date=7 February 2022 |access-date=7 February 2022 |archive-date=7 February 2022 |archive-url=https://web.archive.org/web/20220207040349/https://www.reuters.com/business/finance/credit-suisse-faces-money-laundering-charges-trial-bulgarian-cocaine-traffickers-2022-02-07/ |url-status=live}}</ref> 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.<ref name=launder1>{{cite news |url=https://www.reuters.com/business/finance/court-convicts-credit-suisse-money-laundering-case-2022-06-27/ |title=Credit Suisse found guilty in cocaine cash laundering case |first=Paul |last=Carrel |date=27 July 2022 |newspaper=[[Reuters]] |access-date=28 June 2022 |archive-date=28 June 2022 |archive-url=https://web.archive.org/web/20220628013044/https://www.reuters.com/business/finance/court-convicts-credit-suisse-money-laundering-case-2022-06-27/ |url-status=live}}</ref> The court imposed a fine of {{CHF|2&nbsp;million|ISO=yes}} and ordered the confiscation of assets worth more than {{CHF|12&nbsp;million|ISO=yes}} that the drug gang held in accounts at the bank; and to relinquish over {{CHF|19&nbsp;million|ISO=yes}} — the amount that could not be confiscated due to internal deficiencies at the bank.<ref name=launder1 /> The bank said it would appeal against the verdict.<ref name=launder1 /> ===Suisse secrets leak, 2022=== {{Main|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]]".<ref name="Graun">{{Cite news |last1=Pegg |first1=David |last2=Makortoff |first2=Kalyeena |last3=Chulov |first3=Martin |last4=Lewis |first4=Paul |last5=Harding |first5=Luke |date=20 February 2022 |title=Revealed: Credit Suisse leak unmasks criminals, fraudsters and corrupt politicians |newspaper=The Guardian |url=https://www.theguardian.com/news/2022/feb/20/credit-suisse-secrets-leak-unmasks-criminals-fraudsters-corrupt-politicians |access-date=20 February 2022 |archive-date=22 February 2022 |archive-url=https://web.archive.org/web/20220222071915/https://www.theguardian.com/news/2022/feb/20/credit-suisse-secrets-leak-unmasks-criminals-fraudsters-corrupt-politicians |url-status=live}}</ref> Among those with accounts at the bank were a human trafficker,<ref name="Sampaio">{{Citation |last=Sampaio |first=Leonardo |date=December 2022 |title=Suisse Secrets: Credit Suisse's information leak under the Swiss Anti-Money Laundering Act |language=en-US |url=https://www.researchgate.net/publication/366642221}}</ref> a torturer, drug traffickers and a Vatican-run account that allegedly invested €350m fraudulently in London property.<ref name="Graun"/> On 20 February, Credit Suisse said it "strongly rejects" allegations of wrongdoing.<ref>{{Cite news |last= |date=20 February 2022 |title=Credit Suisse denies wrongdoing after client data leaked to media |language=en |work=Reuters |url=https://www.reuters.com/business/finance/credit-suisse-denies-wrongdoing-after-client-data-leaked-media-2022-02-20/ |access-date=21 February 2022 |archive-date=20 February 2022 |archive-url=https://web.archive.org/web/20220220235924/https://www.reuters.com/business/finance/credit-suisse-denies-wrongdoing-after-client-data-leaked-media-2022-02-20/ |url-status=live}}</ref> ===Russian oligarch loans documents destruction after invasion of Ukraine, 2022=== 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.<ref name=":2">{{Cite news |last=Smith |first=Robert |date=2 March 2022 |title=Credit Suisse asks investors to destroy oligarch loans documents |work=Financial Times |url=https://www.ft.com/content/bfea0069-4143-4e4b-accb-9712ce95a282 |access-date=2 March 2022 |archive-date=2 March 2022 |archive-url=https://web.archive.org/web/20220302131452/https://www.ft.com/content/bfea0069-4143-4e4b-accb-9712ce95a282 |url-status=live}}</ref> The [[United States House Committee on Oversight and Reform|US House Oversight Committee]] launched a probe into the firm demanding documents linked to the bank's compliance with sanctions on Russian oligarchs.<ref>{{cite web |url=https://www.wsj.com/articles/lawmakers-launch-probe-of-credit-suisse-compliance-with-russia-sanctions-11648475239 |title=Lawmakers Launch Probe of Credit Suisse Compliance With Russia Sanctions |date=28 March 2022 |work=[[The Wall Street Journal]] |first=Margot |last=Patrick |archive-url=https://archive.today/20220328144719/https://www.wsj.com/articles/lawmakers-launch-probe-of-credit-suisse-compliance-with-russia-sanctions-11648475239 |archive-date=28 March 2022 |url-status=live |access-date=28 June 2022}}</ref> ===Social media rumours, 2022=== 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 Capital Management|Archegos]] and [[Greensill scandal|Greensill]] financial scandals that implicated former Archegos executives with racketeering conspiracy, securities fraud and wire fraud.<ref>{{cite web |last1=Smith |first1=Elliot |title=Credit Suisse to remain 'under pressure' but analysts wary of Lehman comparison |url=https://www.cnbc.com/2022/10/04/credit-suisse-to-remain-under-pressure-but-analysts-wary-of-lehman-comparison.html |website=CNBC |access-date=5 October 2022 |archive-url=https://web.archive.org/web/20221006022646/https://www.cnbc.com/2022/10/04/credit-suisse-to-remain-under-pressure-but-analysts-wary-of-lehman-comparison.html |archive-date=6 October 2022 |language=en |date=4 October 2022}}</ref> On 7 October 2022, the bank offered to buy back US$3 billion worth of debt, and put Zurich's [[Baur en Ville|Savoy Hotel]] on sale, which was later purchased by wealthy Arab officials.<ref>{{cite news |last1=Smith |first1=Elliot |title=Credit Suisse to buy back $3 billion in debt, sell landmark hotel as credit fears persist |url=https://www.cnbc.com/amp/2022/10/07/credit-suisse-to-repurchase-3-billion-of-debt-securities.html |access-date=7 October 2022 |work=CNBC |date=7 October 2022 |language=en |archive-date=7 October 2022 |archive-url=https://web.archive.org/web/20221007053216/https://www.cnbc.com/amp/2022/10/07/credit-suisse-to-repurchase-3-billion-of-debt-securities.html |url-status=live}}</ref> 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.<ref>{{Cite news |date=5 December 2022 |title=Credit Suisse business is stable, chairman tells broadcaster SRF |language=en |work=Reuters |url=https://www.reuters.com/business/finance/credit-suisse-business-stable-chairman-tells-broadcaster-srf-2022-12-05/ |access-date=6 December 2022 |archive-date=6 December 2022 |archive-url=https://web.archive.org/web/20221206085112/https://www.reuters.com/business/finance/credit-suisse-business-stable-chairman-tells-broadcaster-srf-2022-12-05/ |url-status=live}}</ref> 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.<ref>{{Cite web |last=Halftermeyer |first=Dinesh Nair and Marion |date=5 December 2022 |title=Saudi crown prince eyes $747m investment in Credit Suisse unit |url=https://www.smh.com.au/business/companies/saudi-crown-prince-eyes-747m-investment-in-credit-suisse-unit-20221206-p5c3xi.html |access-date=2 January 2023 |website=The Sydney Morning Herald |language=en |archive-date=2 January 2023 |archive-url=https://web.archive.org/web/20230102220657/https://www.smh.com.au/business/companies/saudi-crown-prince-eyes-747m-investment-in-credit-suisse-unit-20221206-p5c3xi.html |url-status=live}}</ref> ===NSDAP accounts, 2023=== In 2023 Credit Suisse stopped internal investigation into its [[NSDAP|Nazi]] clients and other Nazi-linked accounts facing much condemnation of the U.S. [[Senate Budget Committee]] and [[Holocaust]] survivors among others.<ref>{{cite news |last1=Prentice |first1=Chris |title=Credit Suisse hampered internal probe into Nazi-linked accounts, U.S. senators say |url=https://www.reuters.com/business/finance/credit-suisse-hampered-internal-probe-into-nazi-linked-accounts-us-senators-say-2023-04-18/ |access-date=20 April 2023 |work=[[Reuters]] |date=18 April 2023 |language=en}}</ref> According to the most recent Senate report at least 14 of these stayed open until 2000s.<ref>{{cite news |last1=Keaten |first1=Jamey |title=Credit Suisse faulted over probe of Nazi-linked accounts |url=https://apnews.com/article/credit-suisse-nazi-clients-senate-switzerland-bank-c5a891d541047123cea497d6996efe38 |access-date=20 April 2023 |work=[[Associated Press]] |date=19 April 2023 |language=en}}</ref> In 1996 and 1997, both the [[Bergier Commission]] and the [[Paul Volcker Committee|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 [[The Holocaust|Holocaust]] victims, and 198,000 victims of the Slave Labor Class action lawsuit.<ref>{{cite web |title=Swiss Banks Settlement: In re Holocaust Victim Assets Litigation |url=https://www.swissbankclaims.com |website=Swiss Bank Claims |access-date=25 April 2023}}</ref> ==Work environment== Credit Suisse is more internationally minded than most European banks.<ref name="NYTIMES"/><ref name="vault"/> 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|date=June 2022}} Roles and responsibilities are less stringent and the environment is pleasant despite hours being "the most grueling on Wall Street".<ref name="Incorporated2008">{{cite book |url=https://books.google.com/books?id=hqT-qqAGb-sC&pg=PA35 |title=25 Top Financial Services Firms |publisher=WetFeet |page=35 |year=2008 |isbn=978-1-58207-801-4}}</ref> 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.<ref name="vault"/> 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.<ref>{{Cite news |date=20 January 2023 |title=Ex-Credit Suisse Bankers Weigh Legal Fights Over Bonus Clawbacks |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-01-20/ex-credit-suisse-bankers-weigh-legal-fights-over-bonus-clawbacks |access-date=23 January 2023 |archive-date=20 January 2023 |archive-url=https://web.archive.org/web/20230120121203/https://www.bloomberg.com/news/articles/2023-01-20/ex-credit-suisse-bankers-weigh-legal-fights-over-bonus-clawbacks |url-status=live}}</ref><ref>{{Cite news |date=18 January 2023 |title=Credit Suisse to pay upfront bonus to top staff -Bloomberg |language=en |work=Reuters |url=https://www.reuters.com/business/finance/credit-suisse-pay-upfront-bonus-top-staff-bloomberg-2023-01-18/ |access-date=23 January 2023 |archive-date=23 January 2023 |archive-url=https://web.archive.org/web/20230123112943/https://www.reuters.com/business/finance/credit-suisse-pay-upfront-bonus-top-staff-bloomberg-2023-01-18/ |url-status=live}}</ref> 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.<ref>{{cite web |title=Das war die letzte Generalversammlung der Credit Suisse |url=https://www.srf.ch/news/wirtschaft/credit-suisse-vor-uebernahme-das-war-die-letzte-generalversammlung-der-credit-suisse |website=[[Schweizer Radio und Fernsehen]] |access-date=12 April 2023 |language=de |date=4 April 2023}}</ref> ==See also== {{Portal|Banks}} *[[Banking in Switzerland]] *[[Banco Garantia]] *[[First Boston Corporation]] *[[World Jewish Congress lawsuit against Swiss banks]], 1995 ==References== {{Reflist}} ==External links== {{Sister project links|d=Q372657|c=category:Credit Suisse|n=no|b=no|v=no|voy=no|m=no|mw=no|wikt=no|q=no|species=no|s=no}} *{{Official website}} *{{Finance links | symbol = CS | sec_cik = CS | google = NYSE:CS | yahoo = CS | bloomberg = CS:US | reuters = CS | nasdaq = CS }} {{Credit Suisse|state=expanded}} {{Navboxes |list = {{Banks of Switzerland}} {{Investment banks}} {{Custodian Bank}} }} {{Portal 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