How Credit Suisse has evolved over 167 years | – #Credit #Suisse #evolved #years

ZURICH, March 18 (Reuters) – Below is a chart of the 167-year history of Zurich-based bank Credit Suisse Group ( CSGN.S ), which is in the middle of restructuring to rebuild after a series of scandals and losses. and management shocks.

After some rivals were wary of its relationship with the bank and regulators urged it to strike a deal with Swiss rival UBS ( UBSG.S ) bank started a weekend on saturday.

1856

Politician and business leader Alfred Escher iron way creates the Schweizerische Kreditanstalt (SKA) to finance the expansion of its network and promote the industrialization of Switzerland.

1870

SKA opens its first foreign office in New York.

1876

Bank Moves to new headquarters in Zurich’s Paradeplatz; The first branch outside Zurich opens in Basel after almost three decades.

1934

First Boston USAbecomes the first open investment bank in

1939

SKA establishes Swiss American Corporation (New York) to focus on underwriting and investment business.

1962

SKA to White, Weld and Co AG in Zurich USAfrom the investment bank White Weld and renamed it Clariden Finanz AG.

1964

SKA is licensed as a full-service bank in New York.

1977

The Chiasso Affair money laundering scandal causes a historic loss and prompts the bank’s transition to an international financial group.

1982

SKA becomes the first Swiss bank to be listed on the New York Stock Exchange through its SASI unit; CS Holding was established as a sister company of SKA to own shares in industrial companies.

1988

CS Holding acquires a 45% stake in First Boston as part of the rescue deal and renames it CS First Boston; the two were first linked a decade ago to operate on the London bond market.

1989

CS Holding becomes the parent company of SKA group.

1990

Group USAof CS First acquires a controlling stake in the Boston investment bank and is a Swiss private bank Bank Buys Leu.

1993

The group buys Volksbank, Switzerland’s fourth largest bank, and Neue Aargauer Bank a year later.

1997

The reorganization transforms CS Holding into Credit Suisse Group and the name SKA cancellation does; it also buys insurer Winterthur, a strategic partner.

1999

The group buys the asset management business of Warburg, Pincus & Co, followed a year later by Wall Street firm Donaldson, Lufkin & Jenrette (DLJ).

2002

The reorganization creates two divisions: Credit Suisse Financial Services and Credit Suisse First Boston; two years later it split into three units, adding Winterthur.

2005

Credit Suisse and CSFB merge and discontinue use of the Credit Suisse First Boston brand.

2006

The group gives Winterthur to the French insurance company AXA.

2007

The group combines four private banking units and a securities trading company into Clariden Leu.

2007/2008

The bank, unlike rival UBS, survived the global financial crisis without the need for state aid.

2012

The group acquires Clariden Leu and combines private banking and asset management into one unit.

2013

Group of Morgan Stanley Europeis acquiring wealth management businesses in the Middle East and Africa.

2015

The group is becoming three wealth management divisions supported by two investment banking divisions under the leadership of CEO Tidjane Thiam.

2020

In February, a scandal over the bank’s secret surveillance operations led to Thiam’s departure.

In March, the US investment fund Archegos collapsed and Credit Suisse 5.5 billion dollars left behind with a loss.

Insolvent that he sold to customers as low-risk products that month Britain in supply chain finance funds associated with financier Greensill Capital 10 billion had to freeze the dollar.

2021

Antonio Horta-Osorio resigned as chairman less than nine months after joining the bank after flouting COVID-19 quarantine rules. He is replaced by Alex Lehmann.

JULY 2022

Bank restructuring expert Ulrich Koerner Thomas Gotstein substitute appoints a CEO and announces another strategic review.

OCTOBER 2022

4 billion Swiss francs (4 billion dollars) is announcing a sweeping plan to refocus on banking for the wealthy, including a capital increase, 9,000 job cuts by the end of 2025 and the spinoff of its investment bank to create CS First Boston.

Saudi National The bank said that it will buy the shares that have a 9.9% share.

MARCH 2023

Credit Suisse’s 2022 annual report identifies “fundamental weaknesses” in internal controls over financial reporting.

The bank also said that customer flow had stabilized but “hasn’t returned yet”.

Shares of the Swiss bank, the largest shareholder is Saudi National It fell as much as 30% after its bank said it could not provide more support due to regulatory restrictions.

Credit Suisse 54 billion from the Swiss central bank to increase liquidity dollars funds provides that it is the first major global bank to receive emergency funding since the 2008 financial crisis.

Swiss authorities guarantee that Credit Suisse meets the “capital and liquidity requirements imposed on systemically important banks”.

At least four major banks, including Societe Generale SA ( SOGN.PA ) and Deutsche Bank AG ( DBKGn.DE ), are limiting new transactions involving Credit Suisse or its securities, according to five sources with direct knowledge of the matter.

Credit Suisse Chief Financial Officer Dixit Joshi and his team will hold meetings over the weekend to assess the bank’s strategic scenarios, other people with knowledge of the matter told Reuters on Friday.

Reporting by Michael Shields Editing by Edmund Klamann, Alexander Smith and Frances Kerry

Our standards: Thomson Reuters Trust Principles.

2023-03-18 12:30:57
Source – reuters

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