Credit Suisse
Swiss multinational investment bank and financial-services group, acquired by UBS in 2023 and discontinued as an independent institution in 2024.
Last updated October 31, 2026
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Overview
Credit Suisse was a Swiss multinational investment bank and financial-services group founded in Zurich in 1856 by Alfred Escher. Originally established as Schweizerische Kreditanstalt, or the Swiss Credit Institution, it was created to provide domestic financing for the development of Switzerland’s railway network rather than relying on foreign banks. Over time, the institution became a major participant in the financing of Swiss industrialization, including railway construction, electrical infrastructure, currency development and corporate expansion. The bank gradually broadened beyond corporate and infrastructure lending. During the twentieth century it developed retail banking, savings and deposit services, foreign-exchange operations, private banking, asset management and insurance-related activities. Its international investment-banking profile was built substantially through its relationship with First Boston. The partnership began in 1978, and Credit Suisse ultimately acquired control of the US investment bank in 1988, creating the Credit Suisse First Boston platform. During the 1990s and 2000s, the group expanded through acquisitions including Swiss Volksbank, Bank Leu, Winterthur Group, parts of Warburg Pincus’s asset-management business and Donaldson, Lufkin & Jenrette. Credit Suisse operated through several major businesses: wealth and private banking for affluent and institutional clients, investment banking and capital-markets services, asset management, domestic banking and related financial services. It was known internationally for its Swiss banking heritage, private-client franchise and historically strong emphasis on client confidentiality. The Financial Stability Board designated it a global systemically important bank, reflecting the potential consequences of its failure for the international financial system. Although Credit Suisse weathered the 2008 financial crisis with less direct government support than some competitors, it subsequently experienced repeated legal, regulatory, risk-management and governance problems. These included investigations concerning tax evasion and banking secrecy, sanctions-related transactions, mortgage securities, foreign-exchange conduct, failures in due diligence and controversies involving high-risk clients and counterparties. The group also undertook repeated restructurings, reductions in investment-banking activities, workforce reductions and efforts to refocus on wealth management. The bank’s crisis intensified in 2022 and early 2023 amid losses, client outflows, leadership and confidence problems, and broader market pressure following the failure of Silicon Valley Bank. On 19 March 2023, UBS agreed to acquire Credit Suisse with support from the Swiss authorities. The transaction was completed in June 2023. UBS subsequently integrated or wound down Credit Suisse operations, and Credit Suisse ceased to exist as an independent institution by 31 May 2024.
History
Credit Suisse began operations in Zurich on 16 July 1856 as Schweizerische Kreditanstalt. Alfred Escher established the institution to finance Swiss railway development and to reduce dependence on French financial interests. The bank adopted a relatively conservative lending model focused on short- and medium-term financing. It supported the Swiss Northeastern Railway and later helped finance the Gotthard railway, which connected Switzerland to the broader European rail network. During the nineteenth century, the institution became involved in the development of Switzerland’s industrial economy. It supported entrepreneurs, helped strengthen the country’s monetary and financial infrastructure, and participated in the financing of electricity generation and distribution through Elektrobank, later known as Elektrowatt. It also expanded internationally through affiliated banking and insurance businesses. The bank experienced losses in 1886 after speculative exposure to agriculture, commodities, international trade and industrial ventures, illustrating the risks of its increasingly broad activities. In the early twentieth century, Credit Suisse moved closer to the retail market as Switzerland’s middle class expanded. It introduced or expanded deposit, savings, currency-exchange and branch-banking services; its first branch outside Zurich opened in Basel in 1905. The bank financed corporate restructuring after the First World War and reconstruction after the Second World War. Its historical connections to assets held by Nazi-linked account holders and difficulties faced by Holocaust survivors later became the subject of historical investigations, litigation and a major settlement involving Swiss banks. The group’s international expansion accelerated in the late twentieth century. After partnering with First Boston in 1978, Credit Suisse acquired control of the US firm in 1988. The resulting Credit Suisse First Boston business became a significant force in international investment banking and the Euromarkets. Credit Suisse also bought or combined with Swiss and international institutions, including Bank Leu, Swiss Volksbank, Winterthur Group, Warburg Pincus’s asset-management business and Donaldson, Lufkin & Jenrette. In 1996, the group reorganized its principal businesses into domestic banking, private banking, asset management and Credit Suisse First Boston. The bank continued to reorganize in the 2000s, consolidating investment and financial-services activities and later adopting a “one bank” model intended to increase referrals between private banking, asset management and investment banking. It also combined several Swiss private-banking businesses into Clariden Leu. Credit Suisse survived the 2008 financial crisis with comparatively limited direct rescue support, but recorded substantial write-downs and subsequently reduced investment-banking risk and costs. From the late 2000s onward, legal and regulatory matters became a defining part of the group’s history. Investigations covered assistance to tax evasion, transactions involving sanctioned countries, mortgage securities, foreign-exchange conduct and client due diligence. The bank paid settlements in multiple jurisdictions, including a US criminal penalty after pleading guilty in 2014 to helping US taxpayers evade taxes. Other controversies involved the collapse or distress of clients and counterparties, including the Yellowstone Club and Archegos Capital Management. These events damaged confidence in risk controls and governance. Credit Suisse’s final crisis developed amid years of losses, management changes, client withdrawals, restructuring plans and questions about its financial reporting and internal controls. In March 2023, UBS agreed to acquire the bank with official support. The transaction ended Credit Suisse’s independent existence and transferred its businesses into UBS’s group structure. UBS completed the acquisition in June 2023 and continued the integration and wind-down of Credit Suisse operations through 2024.
- 2024
Independent existence ends
[1]Credit Suisse ceased to exist as an independent bank as UBS integration proceeded.
- 2023
UBS acquisition announced and completed
[1]UBS agreed to acquire Credit Suisse in March and completed the transaction in June with Swiss official support.
- 2014
US tax-evasion guilty plea
[1]Credit Suisse pleaded guilty to conspiring to assist US tax evasion and accepted a major settlement.
- 2008
Global financial crisis
[1]The bank recorded major write-downs but was described as less affected than several competitors and did not require a direct government bailout.
- 2006
Sanctions-related settlement
[1]Credit Suisse settled US allegations concerning transactions that concealed information about Iran and other countries.
- 2000
Donaldson, Lufkin & Jenrette acquisition
[1]Credit Suisse acquired Donaldson, Lufkin & Jenrette, expanding its US investment-banking capabilities.
- 1996
Credit Suisse Group restructuring
[1]The group reorganized around domestic banking, private banking, asset management and Credit Suisse First Boston.
- 1988
Control of First Boston
[1]Credit Suisse acquired control of First Boston, creating the Credit Suisse First Boston platform.
- 1978
Partnership with First Boston
[1]Credit Suisse partnered with First Boston to strengthen its international investment-banking presence.
- 1905
First branch outside Zurich
[1]The bank opened its first branch outside Zurich in Basel as it expanded domestic retail and commercial banking.
Products and positioning
Swiss-origin global bank combining wealth management, investment banking, asset management and domestic banking, with a historically prominent private-client franchise.
Wealth management
Private banking and wealth management
Credit Suisse served affluent individuals, families, entrepreneurs and institutional clients through advisory, portfolio-management, lending and related private-banking services. Wealth management became the group’s principal strategic emphasis after it reduced the scale of investment banking. The franchise drew on the bank’s Swiss private-banking heritage and international offices.
Investment banking · 1978
Credit Suisse First Boston
Credit Suisse First Boston was the group’s principal investment-banking platform, providing corporate finance, securities underwriting, mergers and acquisitions advice, sales and trading, and capital-markets services. It originated in the 1978 partnership with First Boston and the 1988 acquisition of control.
Asset management
Asset management
The asset-management business managed investments for institutional and private clients across strategies and markets. It was reorganized several times and was combined with the private-banking arm in 2012 as part of a broader effort to coordinate wealth and investment services.
Retail and commercial banking · 1856
Swiss domestic banking
Credit Suisse operated a Swiss domestic banking business offering deposits, savings products, lending, payments, foreign exchange and services for individuals and companies. The business developed from the bank’s early infrastructure and corporate-finance role and expanded into branch banking during the twentieth century.
Controversies
2023
Collapse of confidence and UBS takeover
Persistent governance, risk and profitability problems culminated in a loss of market confidence and the forced sale of Credit Suisse to UBS with official support.
2022
Suisse Secrets and client-screening scrutiny
Reporting based on leaked account information renewed criticism of the bank’s treatment of high-risk clients, secrecy practices and anti-money-laundering controls.
2022
FINRA fines Credit Suisse unit $9 million
FINRA fined a Credit Suisse unit $9 million for violations involving research disclosures and the safeguarding of customer funds and securities. The unit did not admit or deny wrongdoing; Credit Suisse said it had addressed the underlying issues.
2021
Credit Suisse fined in Mozambique tuna corruption case
UK authorities fined Credit Suisse £147m over a corruption scandal involving Mozambique's tuna fishing industry. The fine was part of a $475m settlement with UK, Swiss and US regulators; the FCA said the bank had failed to properly manage financial-crime risk.
2020
Ten banks sued over alleged corporate bond market price coordination
A class action lawsuit was filed in Manhattan federal court against ten banks, including JPMorgan Chase and Bank of America, alleging that they conspired over nearly 14 years to manipulate prices in the $9.6 trillion corporate bond market. Credit Suisse was among the ten banks named in the lawsuit. The claims are allegations contained in the complaint and do not constitute a court finding.
2019
Credit Suisse employee-surveillance scandal
A report described a company espionage scandal at Credit Suisse, alleging that COO Pierre-Olivier Bouée ordered an investigation into former wealth management head Iqbal Khan to prevent him from taking clients and brokers to UBS. The report said the scandal tarnished the bank's reputation.
2014
Assistance with US tax evasion
Credit Suisse pleaded guilty in the United States to conspiring to help wealthy US clients evade taxes through Swiss accounts and related structures.
2006
Sanctions and concealed transactions
US authorities alleged that Credit Suisse helped conceal information in transactions involving Iran and other sanctioned jurisdictions; the bank paid a settlement.
1996
Holocaust-era dormant accounts controversy
Historical investigations and litigation examined Swiss bank accounts connected to Nazi victims and survivors seeking access to assets. Swiss banks later reached a major settlement with claimants.
Brand decisions
2023
Sell Credit Suisse to UBSM&ABackground
A severe confidence crisis threatened the stability of Credit Suisse and raised concerns about international financial contagion.
Action taken
UBS agreed to acquire Credit Suisse with Swiss government and central-bank support; the transaction closed in June 2023.
Aftermath
Credit Suisse became part of UBS and was progressively integrated or wound down, ending as an independent bank in 2024.
2011
Reduce investment-banking exposureStrategyBackground
Following the global financial crisis and weaker economic conditions, Credit Suisse sought to lower costs and reduce balance-sheet and investment-banking risks.
Action taken
The group announced job cuts, reduced investment-banking ambitions and emphasized private banking and wealth management.
Aftermath
Repeated restructurings followed, but profitability and risk-management concerns continued to affect the group.
1996
Create a four-division group structureStrategyBackground
Credit Suisse sought to coordinate its domestic, private-banking, asset-management and investment-banking activities while continuing international expansion.
Action taken
The group reorganized around Credit Suisse Volksbank, private banking, asset management and Credit Suisse First Boston.
Aftermath
The structure was later revised through further consolidation and the adoption of a cross-divisional “one bank” model.
1988
Acquire control of First BostonM&ABackground
Credit Suisse wanted a stronger presence in US and international investment banking after its earlier partnership with First Boston.
Action taken
It acquired a controlling interest and developed the Credit Suisse First Boston platform.
Aftermath
First Boston became a central component of Credit Suisse’s global investment-banking business.
Recent events
FINRA fines Credit Suisse unit $9 million[6]
Reported:
FINRA fined a Credit Suisse unit $9 million for violations involving research disclosures and the safeguarding of customer funds and securities. The unit did not admit or deny wrongdoing; Credit Suisse said it had addressed the underlying issues.
Axel Lehmann becomes Credit Suisse chairman[8]
Reported:
Credit Suisse board member Axel Lehmann became chairman with immediate effect after Antonio Horta-Osorio resigned.
Credit Suisse fined in Mozambique tuna corruption case[7]
Reported:
UK authorities fined Credit Suisse £147m over a corruption scandal involving Mozambique's tuna fishing industry. The fine was part of a $475m settlement with UK, Swiss and US regulators; the FCA said the bank had failed to properly manage financial-crime risk.
Pension fund sues Credit Suisse over alleged risk-control failures[5]
Reported:
The City of St. Clair Shores Police & Fire Retirement System sued Credit Suisse in federal court in Manhattan, alleging that the bank misled investors and concealed defects in its risk policies, procedures, and compliance oversight. The allegations are not presented as a court finding.
Credit Suisse reports first-quarter loss following Archegos event[9]
Reported:
Credit Suisse announced that it wrote down CHF 4.4 billion in the first quarter in connection with the hedge-fund collapse it had referred to in its March 29 announcement, resulting in a pre-tax quarterly loss of CHF 900 million.
Credit Suisse announces departures of investment bank CEO and CRO[9]
Reported:
Credit Suisse announced that investment bank CEO Brian Chin and CRO Lara Warner would resign, with their departures scheduled to take effect on April 30, 2021, and April 6, 2021, respectively.
Credit Suisse announces investment bank CEO successor and interim CRO[9]
Reported:
Credit Suisse announced that Christian Meissner would take over as investment bank CEO from May 1, 2021, and that Joachim Oechslin would temporarily take over as CRO from April 6, 2021.
Decarbonization Plus Acquisition Corporation commences IPO[10]
Reported:
Decarbonization Plus Acquisition Corporation announced that it had commenced an IPO of 20 million units priced at $10 per unit; the units were expected to trade on Nasdaq, subject to the offering and registration conditions described in the release.
Credit Suisse appoints CEO for its Israel business[11]
Credit Suisse appointed Hila Goldenberg as chief executive officer of its business in Israel, replacing Doron Averbuch.
- Unconfirmed
Vetter wins Axia Best Managed Companies Award[12]
Reported:
Vetter was awarded the Axia Best Managed Companies Award. The award is given annually to medium-sized companies meeting the stated criteria for vision, innovation, sustainable management culture, and financial management.
Showing the 10 most recent.
Sources21 sources
- 1Credit Suisseen.wikipedia.org
- 2Credit Suisse official websitecredit-suisse.com
- 3Credit Suisse employee-surveillance scandalt.qianzhan.com
- 4Ten banks sued over alleged corporate bond market price coordinationfinance.sina.com.cn
- 5Ten banks sued over alleged corporate bond market price coordinationgulfnews.com
- 6FINRA fines Credit Suisse unit $9 milliontheepochtimes.com
- 7Credit Suisse fined in Mozambique tuna corruption casebbc.com
- 8阿克塞尔·莱曼出任瑞士信贷董事长malaymail.com
- 9瑞信公布第一季度亏损finance.sina.com.cn
- 10Decarbonization Plus Acquisition Corporation 启动首次公开募股prnewswire.com
- 11瑞士信贷任命以色列业务执行长algemeiner.com
- 12Vetter获得Axia最佳管理公司奖pharmaceutical-business-review.com
- 13瑞士信贷集团收购NorthPoint Technology业务资产crowdfundinsider.com
- 14Amber Beverage Group获得2700万欧元贷款thespiritsbusiness.com
- 15AccessFintech 与四家银行建立合作关系crowdfundinsider.com
- 16瑞信首席运营官因监视丑闻辞职news.qq.com
- 17间谍丑闻持续发酵，瑞信（CS.US）CEO宣布辞职finance.sina.com.cn
- 18瑞信COO辞职为监视丑闻止血 首席执行官全身而退finance.sina.com.cn
- 19商场如战场：瑞信COO因间谍丑闻辞职 中间人神秘自杀finance.sina.com.cn
- 20Michigan Pension Fund Sues Credit Suisse Over Risk Exposure | Chief Investment Officerai-cio.com
- 21Pension Fund Sues Credit Suisse Over Greensill, Archegos Scandalsinstitutionalinvestor.com
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