Yahoo Search Busca da Web

In August 2022, it was revealed that the first shareholder of Credit Suisse is in fact American, namely Harris Associates, holding over 10% of the shares of the group. Harris Associates itself is owned by French bank Natixis. As of January 25, 2023, Saudi National Bank an anchor investor holds 10 per cent stake, Qatar Investment Authority (QIA) boo...

Early history

Credit Suisse's founder, Alfred Escher, was called "the spiritual father of the railway law of 1852", for his work defeating the idea of a state-run railway system in Switzerland in favor of privatization. Escher founded Credit Suisse (originally called the Swiss Credit Institution, i.e., Schweizerische Kreditanstalt) jointly with Allgemeine Deutsche Credit-Anstalt in 1856 primarily to provide domestic funding to railway projects, avoiding French banks that wanted to exert influence over the...

Acquisitions, growth and First Boston

In 1978, White, Weld & Company dropped its partnership with Credit Suisse after it was bought by Merrill Lynch. To replace the partnership with White, Credit Suisse partnered with First Boston to create Credit Suisse First Bostonin Europe and bought a 44 percent stake in First Boston's US operations. In 1987, the Group acquired the blue chip London stockbrokers Buckmaster & Moore. Originally established by Irish aristocrat Charles Armytage-Moore and sportsman Walter Buckmaster, who had met at...

Post-financial crisis

According to The Wall Street Journal in 2008, "Credit Suisse survived the credit crisis better than many competitors." Credit Suisse had $902 million in writedowns for subprime holdings and the same amount for leveraged loans, but it did not have to borrow from the government. Along with other banks, Credit Suisse was investigated and sued by US authorities in 2012 for bundling mortgage loans with securities, misrepresenting the risks of underlying mortgages during the housing boom. Following...

Credit Suisse endorses a strategy called bancassurance of trying to be a single company that offers every common financial services product.The investment bank is intended for companies and wealthy individuals with more than 50,000 euro. Credit Suisse developed the CreditRisk+ model of risk assessment in loans, which is focused exclusively on the c...

The reputation of the bank is controversial. From the 1940s until into the 2010s, beside regular customers, Credit Suisse offered criminals, corrupt politicians and controversial secret service chiefs a safe haven for their assets, despite all public declarations of a "white money" strategy. As of 2012, Credit Suisse was a member of Wall Street's b...

Mismarking, 2007

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. Federal prosecutors and the Securities and Exchange Commission charged that the traders' goal was to obtain lavish year-end bonuses that the mismarking would lead to. The traders engaged in what The New York Times called "a brazen scheme to artificially increase the price of bonds on their books to create fictitious prof...

International Emergency Economic Powers Act and New York State Law violations, 2009

On 16 December 2009, it was announced that the U.S. Dept. of Justice reached a settlement with Credit Suisse over accusations that the bank assisted residents of International Emergency Economic Powers Act sanctioned countries to wire money in violation of the Act as well as New Yorklaw from 1995 to 2006. The settlement resulted in Credit Suisse forfeiting $536 million.

Forex manipulation, 2013

In 2013, Credit Suisse was fined €83.3 million for forex rates manipulation by the European Union Commission on Competition because of its participation in a cartel detrimental to E.U.consumers and involving several other large international banks.

Credit Suisse is more internationally minded than most European banks. According to WetFeet's Insider Guide, Credit Suisse offers more travel opportunities, greater levels of responsibility and more client interaction than new employees get at competing firms but is known for long hours. Analysts report 60- to 110-hour work-weeks.[citation needed] ...