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Credit Suisse

Credit Suisse

Credit Suisse Group AG is a multinational investment bank and financial services company headquartered in Zürich, Switzerland.

Credit Suisse Group AG is a Swiss multinational investment bank and financial services company. It is headquartered in Zürich, Switzerland. Credit Suisse has offices in fifty countries and on all continents except Antarctica. It is considered one of the global bulge bracket investment banks.

History

Credit Suisse was founded in 1856 by Alfred Escher to finance the expansion of the Swiss railroad network and other industrialization efforts. It continued to finance the development of the railroad network and the country's electrical grid, and to work toward converting the country to the system and away from coal throughout World War I. After World War II, the company began shifting to retail banking with savings accounts, credit cards, and consumer credit.

In 1978, Credit Suisse partnered with US investment bank First Boston, becoming Crédit Suisse-First Boston (CSFB). In 1980, the company purchased a $150 million issue of stocks that eventually ended up costing the company between $20 million and $40 million. The company rebranded as CS First Boston, Inc. in 1988, and Credit Suisse bailed out the financially troubled First Boston with $300 million in equity, subsequently making them a majority shareholder in the company. Credit Suisse started its first insurance firm in October 1990, CS Life.

In December 1997, Credit Suisse acquired Winterthur Insurance for close to $9.51 billion, which raised the value of its total assets to CHF 700 billion, or USD $466 billion, which brought it close to the valuation of Europe's largest bank at the time, Deutsche Bank. In 1998, the company acquired a leading Brazilian investment bank, Banco de Investimentos Garantia S.A. In 1999, Credit Suisse acquired Warburg Pincus Asset Management, a division of Warburg Pincus, for $650 million.

Credit Suisse was one of the only banks unaffected by the 2007-2008 world economic crisis, and even reported record earnings in the final quarter of 2007. However, it did begin to lower expenses by outshoring and outsourcing work, with a goal of reducing its cost-income ratio from 69% to 65% by 2010.

Controversies

Credit Suisse has been subject to many controversies and investigations. On May 19, 2014, Credit Suisse pleaded guilty to a charge of conspiracy to aid and assist US taxpayers in filing false income tax returns and other documents with the Internal Revenue Service (IRS). This resulted in the forfeiture of $2.6 billion in fines.

Timeline

January 19, 2021
Credit Suisse announces endowment with UNCF to fund scholarships for students attending North Carolina-based HBCUs.
June 25, 2019
Credit Suisse combines Credit InvestLab with Allfunds Group.
2014
Credit Suisse pleads guilty to a charge of filing false income tax reports, which will result in paying fines of $1.8 to $2.6 billion to the Department of Justice for the US Treasury, $100 million to the Federal Reserve, and $715 million to the New York State Department of Financial Services.

Products

Invested in

Patents

Further Resources

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News

Title
Author
Date
Publisher
Description
Mike Butcher
October 12, 2021
TechCrunch
Back in February new European VC 2150 launched the first $240 million close of its fund to back technologies reducing carbon emissions via the medium of cities, which pump out CO2 at a prodigious rate as they develop and grow. This 'Urban Sustainability Technology Fund', as it's dubbed, is now announcing the final close of its [...]
Reuters
September 8, 2021
CTVNews
Chinese dissident and artist Ai Weiwei has said Credit Suisse told him it was closing his foundation's bank account in Switzerland earlier this year citing his 'criminal record' in China, despite the activist never being convicted of a crime.
Temie Laleye
August 26, 2021
Express.co.uk
FRAUDSTERS are targeting Britons' hard-earned cash in an elaborate scam which clones the Credit Suisse investment bank's website.
Ashley Coutinho
August 24, 2021
@bsindia
The medium-term outlook for equities remains positive but some caution is warranted in the short term, the brokerage said
Swaraj Singh Dhanjal
August 23, 2021
mint
Agrawal has over two decades of investment banking experience across cross-border M&A, strategic advisory and equity and debt financings to a multi-sector client base of Indian and multinational corporates
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References

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