About the Company
Credit Suisse Group AG (French pronunciation: [kʁe.di sɥis], lit. 'Swiss Credit') was a global investment bank and financial services firm founded and based in Switzerland. According to UBS, eventually Credit Suisse was to be fully integrated into UBS. While the integration was yet to be completed, both banks are operating separately. However, on May 31, 2024, it was announced that Credit Suisse ceased to exist. Headquartered in Zürich, as a standalone firm, it maintained offices in all major financial centres around the world and provided services in investment banking, private banking, asset management, and shared services. It was known for strict bank–client confidentiality and banking secrecy. The Financial Stability Board considered it to be a global systemically important bank. Credit Suisse was also a primary dealer and Forex counterparty of the Federal Reserve in the United States. Credit Suisse was founded in 1856 to fund the development of Switzerland's rail system. It issued loans that helped create Switzerland's electrical grid and the 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 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 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. By the end of 2022, Credit Suisse had approximately CHF 1.3 trillion in assets under management. On 19 March 2023, following negotiations with the Swiss government, UBS announced its intent to acquire Credit Suisse for $3.25 billion (CHF 3 billion) in order to prevent the bank's collapse. UBS completed the acquisition in June 2023.
Exchange
Nasdaq
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Latest News on CREDIT SUISSE AG
SNB’s Martin Says Credit Demand Shifting to Swiss-Focused Banks
The takeover of Credit Suisse by UBS Group AG has triggered a shift in the Swiss credit market, driving demand to ...
Credit Suisse Warns of $1.6 Billion Loss After Clients Pull Money
Credit Suisse Group AG warned it would lose around $1.6 billion in the fourth quarter after customers pulled their investments and deposits over concerns about the bank’s financial health.
UBS Group to Miss Workforce Reduction Goal Post CS Takeover
UBS Group AG UBS is falling behind the plan to reduce its workforce to 85,000 by the end of the Credit Suisse (“CS”) ...
Credit Suisse admits scheme to hide more than $4 billion in ... - AOL
This is the second deal in 11 years for Credit Suisse, after it pleaded guilty in 2014 for helping high-net-worth U.S. clients hide money from the IRS. The bank merged with UBS Group AG in May 2024.
Credit Suisse to Delay Publication of 2022 Annual Report After Call ...
Credit Suisse Group AG said Thursday that it will delay the publication of its 2022 report after a call from U.S. market regulators over revisions to 2019 and 2020 cash-flow statements, adding a ...
Credit Suisse to pay $511 million for helping U.S. taxpayers hide over ...
Credit Suisse Services AG will pay nearly $511 million after pleading guilty in a criminal case to having conspired with wealthy American taxpayers to hide more than $4 billion in at least 475 ...
Credit Suisse faces crucial weekend with its future in balance
Credit Suisse Group AG headed into a make-or-break weekend after some rivals grew cautious in their dealings with the struggling Swiss lender, and its regulators urged it to pursue a deal with UBS ...
Credit Suisse Group A.G. - The New York Times
The fallen banking giant Credit Suisse, now a part of UBS, admitted to hiding billions of dollars from the I.R.S. By Rob Copeland In “Meltdown,” Duncan Mavin describes the grand rise and ...
Exclusive: Credit Suisse to hold internal talks this weekend on ...
Credit Suisse AG will hold meetings over the weekend to assess scenarios for the bank as it struggles to regain the market's confidence, people with knowledge of the matter told Reuters on Friday.
Credit Suisse Takeover Fears Can Be a Good Thing
Credit Suisse Group AG’s franchise has proved indestructible through one crisis after another for decades. Its latest mess looks particularly bad. The Swiss bank faces parallel calamities in ...
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