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.
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Latest News on CREDIT SUISSE AG
UBS Plans SRT Deal Out of Program Inherited From Credit Suisse
UBS Group AG is sounding out investors for a potential significant risk transfer, according to people familiar with the matter, as the banking giant explores ways to mitigate the impact of higher ...
UBS to settle outstanding Credit Suisse RMBS case with $300M payment
UBS, which acquired Credit Suisse in 2023, said Monday (Aug.4) that it has agreed to pay $300 million to bring the legacy ...
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 faces restrictions on business till deal closure
May 16 (Reuters) - Credit Suisse Group AG faces certain restrictions in its ability to do business until its acquisition by rival UBS Group AG (UBSG.S) is completed, according to a regulatory ...
Credit Suisse’s Fund Outflows Continue With $6 Billion Pulled
Credit Suisse Group AG’s asset management arm saw clients continue to pull money from its investment funds this quarter, underscoring the challenges for UBS Group AG as it integrates its former ...
Credit Suisse to pay $511 million for helping U.S. taxpayers hide over ...
"Between 2014 and June 2023, Credit Suisse AG Singapore held undeclared accounts for U.S. persons, which Credit Suisse AG Singapore knew or should have known were U.S., with total assets valued at ...
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 ...
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