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
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 is falling behind its plan to cut headcount to 85,000 by 2026 as Credit Suisse integration slows workforce reductions.
UBS Completes Credit Suisse Acquisition - Business Wire
Credit Suisse Group AG ADS will no longer be traded on the New York Stock Exchange. As announced on 19 March 2023, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse ...
UBS reaches $300m deal with US over legacy Credit Suisse obligations
Swiss multinational investment bank UBS said on Monday that it had reached a deal with the United States Department of Justice (DoJ) to settle legacy obligations of Credit Suisse, which it acquired in ...
UBS Completes Credit Suisse Acquisition - Nasdaq
Credit Suisse Group AG ADS will no longer be traded on the New York Stock Exchange. As announced on 19 March 2023, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse ...
UBS announces second-quarter 2023 earnings and decision to integrate ...
UBS announces second-quarter 2023 earnings and decision to integrate Credit Suisse (Schweiz) AG (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules) ...
Credit Suisse Paying Bonuses to Staff UBS Sees as Key for Combined Bank
This article is for subscribers only. Credit Suisse Group AG is handing out retention bonuses to staff whom UBS Group AG sees as critical for the future of the combined bank.
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 ...
UBS ‘Clean Team’ Descends on Credit Suisse as Deal Nears Closing
UBS Group AG bankers have descended on Credit Suisse Group AG to start digging through their former rival’s books as the Swiss firm aims to kickstart an integration process it’s deemed one of ...
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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