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Nov 4, 2021 · Credit Suisse saw pre-tax income of 1 billion Swiss francs in the third quarter ($1.09 billion), while profits fell 21% on the same period in 2020, to 434 million Swiss francs ($475 million).
- Isabel Togoh
- About Credit Suisse
- What Caused The Collapse of Credit Suisse?
- Timeline of The Collapse
- Impact of The Collapse
- Acquisition of Credit Suisse by UBS
- The Bottom Line
As of the end of 2021, Credit Suisse had assets under management (AUM)of 1.6 trillion CHF (about $1.75 trillion), making it the second-largest bank in Switzerland after UBS. At that time, Credit Suisse employed more than 50,000 people. Note that as of year-end 2022, Credit Suisse’s AUM had dropped to about 1.3 trillion CHF (about $1.4 trillion). Be...
Despite its long history, Credit Suisse was plagued by a series of scandals, management shifts, and significant losses in recent years. In February 2020, Credit Suisse’s then-CEO, Tidjane Thiam, resigned after a 2019 spying scandal. Credit Suisse’s wealth management boss, Iqbal Khan, left for UBS and was subsequently surveilled by private contracto...
In summary, the key events leading up to the collapse of Credit Suisse include: 1. 2019 and early 2020: Credit Suisse faces a spying scandal regarding an outgoing wealth management executive; then-CEO Tidjane Thiam resigns. 2. 2021: Archegos Capital and Greensill Capital collapse, leading to $1 billion in losses for Credit Suisse and another manage...
The impact of UBS’ takeover of Credit Suisse is wide-ranging. For the bank’s offices around the world and its 50,000 employees, the future remains uncertain, as UBS could absorb some or all of them and shutter or lay off others. UBS is expected to have roughly $5 trillion in AUM following the deal. The global financial system responded with measure...
UBS’ purchase of Credit Suisse was orchestrated and approved by regulators. The price tag of more than $3 billion for the deal is modest compared with the size of the bank and its assets. UBS officials also said immediately following news of the purchase that they planned to reduce the size of Credit Suisse in the coming years, potentially by selli...
Following several years of scandals, Switzerland’s Credit Suisse bank collapsed in March 2023. It was purchased by Swiss rival UBS for about $3.3 billion in a deal approved by Swiss regulators without shareholder approval. UBS plans to sell off and downsize parts of Credit Suisse in the process. Following the completion of the merger, Switzerland w...
Jul 29, 2021 · Archegos remains a burden on Credit Suisse earnings. The bank said Thursday that net profit in the second quarter fell nearly 80 percent, to 253 million Swiss francs, or $278 million. It booked an ...
Jul 29, 2021 · Credit Suisse investment bankers allowed Archegos Capital to take “voracious” and “potentially catastrophic” risks that culminated in the US hedge fund’s spectacular collapse in March ...
- 3 min
Apr 22, 2021 · Credit Suisse raises $2bn to shore up its finances as regulators widen a probe into the Swiss bank. ... Credit Suisse suffered a multi-billion-dollar hit after Archegos, a US hedge fund, folded ...
Oct 3, 2022 · SPYING SCANDAL. Credit Suisse Chief Executive Tidjane Thiam was forced to quit in March 2020 after an investigation found the bank hired private detectives to spy on its former head of wealth ...
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What happened to Credit Suisse - archegos & Greensill?
What happened to Credit Suisse after the archegos scandal?
What happened to Credit Suisse & Greensill?
Is archegos a burden on Credit Suisse earnings?
Jul 24, 2023 · Archegos is only one of several unresolved scandals that UBS has inherited from Credit Suisse. These include lawsuits over its involvement in defunct supply chain finance firm Greensill Capital, a ...
