Credit Suisse

About Credit Suisse

Founded in 1856 to finance Switzerlands industrialization. Credit Suisse pioneered the Swiss model of combining commercial banking, investment banking, and wealth management. The bank suffered repeated scandals: the 2021 Archegos collapse cost 5.5 billion, the Greensill supply chain finance funds collapsed, and a former employee stole client data to expose tax evasion. In October 2022, social media rumors triggered a bank run. The Swiss National Bank provided 54 billion in liquidity. In March 2023, Saudi investors refused to provide more capital. The Swiss government forced UBS to acquire Credit Suisse for 3.2 billion, wiping out shareholders and some bondholders. The 167 year old bank ceased to exist.