35 Facts About Credit Suisse


Credit Suisse Group AG is a global investment bank and financial services firm founded and based in Switzerland.

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Credit Suisse is primary dealer and Forex counterparty of the FED.

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Credit Suisse was founded in 1856 to fund the development of Switzerland's rail system.

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Credit Suisse partnered with First Boston in 1978 before buying a controlling share of the bank in 1988.

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Credit Suisse is governed by a board of directors, its shareholders, and independent auditors The Board of Directors organise the annual General Meeting of Shareholders while investors with large stakes in the company determine the agenda.

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The bank was modeled after Credit Mobilier, a bank funding railway projects in France that was founded two years prior, except Credit Suisse had a more conservative lending policy focused on short-to-medium term loans.

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Credit Suisse played a substantial role in the economic development of Switzerland, helping the country develop its currency system, funding entrepreneurs and investing in the Gotthard railway, which connected Switzerland to the European rail system in 1882.

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Credit Suisse helped fund the creation of Switzerland's electrical grid through its participation with Elektrobank, a coalition of organizations that co-financed Switzerland's electrical grid.

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Credit Suisse had its first unprofitable year in 1886, due to losses in agriculture, venture investments, commodities, and international trade.

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Banks subsequently acquired by Credit Suisse have been linked to bank accounts used by members of the NSDAP in the 1930s.

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Credit Suisse injected $725 million to keep First Boston in business, which ultimately led to the company being taken over by Credit Suisse.

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In 1993 Credit Suisse outbid UBS for a controlling stake in Switzerland's fifth largest bank, Swiss Volksbank in a $1.

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Credit Suisse restructured again in 2004 under what it calls the "one bank" model.

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In 2006, Credit Suisse acknowledged misconduct for helping Iran and other countries hide transactions from US authorities and paid a $536 million settlement.

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Credit Suisse operates a process which since 2007 uses RepRisk, a Swiss provider of ESG Risk analytics and metrics, to screen and evaluate environmental and social risks of risky transactions and due diligence.

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Four lawsuits were filed from other resorts seeking $24 billion in damages alleging Credit Suisse created loans with the intention of taking over their properties upon default.

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Four Credit Suisse bankers were accused of fraud by the US Justice Department in 2011 for helping wealthy Americans avoid taxes.

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In March 2014, Credit Suisse denied claims it had been drawn into a Swiss competition probe investigating potential collusion to manipulate foreign exchange rates by various Swiss and foreign banks.

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Credit Suisse endorses a strategy called bancassurance of trying to be a single company that offers every common financial services product.

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Credit Suisse developed the CreditRisk+ model of risk assessment in loans, which is focused exclusively on the chance of default based on the exogenous Poisson method.

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Credit Suisse produces one of the six hedge funds following European stock indices that are used to evaluate the performance of the markets.

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Credit Suisse publishes its investment advice in four publications: Compass, Viewpoints, Research and the Credit Suisse Investment Committee Report.

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Credit Suisse was one of the world's most important banks, upon which international financial stability depends.

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Credit Suisse was recognized by the Asset Triple A Awards and in 2005 it was ranked as the second best prime broker by Institutional Investor.

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In 2007, two Credit Suisse traders pleaded guilty to mismarking their securities positions to overvalue them by $3 billion, avoid losses, and increase their year-end bonuses.

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In 2014, Credit Suisse pleaded guilty to conspiring with Americans to file false tax returns.

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Credit Suisse was fined almost US$500 million by UK, US and European regulators for a lack of transparency in the issuing of the bonds, for kickbacks benefitting Credit Suisse bankers and for enabling loans likely to be embezzled by Mozambican officials, including Chang.

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In October 2021, Credit Suisse pled guilty to wire fraud and agreed to forgive US$200 million in debt owed by Mozambique to the bank.

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On 5 July 2018, Credit Suisse agreed to pay a $47 million fine to the US Department of Justice and $30 million to resolve charges of the US Securities and Exchange Commission .

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In November 2018, about a dozen climate activists played tennis inside Credit Suisse agencies, disrupting operations as a protest against the bank's investments in fossil fuels.

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In March 2021, Credit Suisse closed and liquidated several supply-chain investment funds tied to the activities of Greensill Capital.

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On 7 February 2022, it was announced that Credit Suisse would be tried in the first criminal trial of a major bank in Switzerland.

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Swiss prosecutors are seeking around 42 million Swiss francs in compensation from Credit Suisse for allowing a Bulgarian cocaine trafficking gang around Evelin Banev to launder millions of Euros of cash between 2004 and 2008.

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In early October 2022, Credit Suisse stocks came under considerable pressure when rumours on social media projected the demise of the bank.

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Credit Suisse is more internationally minded than most European banks.

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