Credit Suisse

Credit Suisse is a Swiss multinational investment bank and financial services company headquartered in Zurich. Founded in 1856, it grew into one of the world's largest wealth managers and a major player in investment banking, serving private clients, institutional investors, and corporations globally. The bank operated through divisions including Global Wealth Management, Investment Banking, and Asset Management. In March 2023, amid a severe loss of market confidence following the collapse of Silicon Valley Bank and internal scandals, Credit Suisse was acquired by UBS Group AG in a government-brokered emergency takeover. The deal closed in June 2023, and Credit Suisse now operates as a subsidiary of UBS, with its brand being gradually integrated and retired. The bank's history includes numerous controversies, including the 2021 Archegos and Greensill scandals, which led to significant losses and management turnover. Despite its challenges, Credit Suisse remains a notable name in global finance, with a legacy of wealth management expertise and a strong Swiss banking heritage.

Credit Suisse was founded in 1856 as Schweizerische Kreditanstalt (SKA) by Alfred Escher, a Swiss politician and railway entrepreneur, to finance the construction of Switzerland's railway network. The bank expanded into investment banking and wealth management throughout the 20th century, becoming a global financial institution. In the 1990s, it acquired several firms, including First Boston, and rebranded as Credit Suisse Group. The bank grew its investment banking arm significantly, particularly in the 2000s, but also faced challenges during the 2008 financial crisis. In the 2010s, Credit Suisse underwent restructuring, focusing more on wealth management. However, a series of scandals, including the 2021 Archegos Capital and Greensill Capital collapses, resulted in substantial losses and reputational damage. In March 2023, following the collapse of Silicon Valley Bank, Credit Suisse experienced a severe liquidity crisis and was acquired by UBS Group AG in a government-brokered deal. The acquisition was completed in June 2023, and Credit Suisse now operates as a subsidiary of UBS, with its brand being phased out.

• 2023

  Acquired by UBS Group AG in emergency rescue deal.

• 2021

  Archegos and Greensill scandals lead to significant losses.

• 1990

  Rebranded as Credit Suisse Group after acquiring First Boston.

• 1856

  Founded as Schweizerische Kreditanstalt (SKA) in Zurich.

Global wealth manager and investment bank, now integrated into UBS.

• Wealth Management

  Comprehensive wealth management services for high-net-worth individuals.

• Investment Banking

  Advisory, capital markets, and financing solutions.

• Asset Management

  Investment management across various asset classes.

• 2020

  Lu Zhengyao-affiliated company sues Credit Suisse over loan arrangement

  A company affiliated with Luckin Coffee chairman Lu Zhengyao sued Credit Suisse, seeking compensation over alleged breaches of duties under an accelerated $532 million loan arrangement. The report cited court documents dated May 6.

  Source

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