Credit Suisse

Credit Suisse Group AG was a Swiss multinational investment bank and financial services company headquartered in Zurich, Switzerland, that operated for over 160 years before its acquisition by UBS in June 2023. Founded in 1856 to finance the construction of Switzerland's railway system, Credit Suisse evolved into one of Europe's largest and most influential investment banks, serving ultra-high-net-worth individuals, corporations, and institutional clients worldwide. The bank operated through three main divisions: Wealth Management, which provided private banking and wealth advisory services to affluent clients globally; Investment Banking, offering capital markets, advisory, and trading services; and Asset Management, managing investments for institutional and retail clients. Credit Suisse was renowned for its expertise in private banking, particularly serving wealthy clients from Europe, Asia, and the Americas, and maintained one of the world's largest private banking operations. The bank's investment banking division was active in equity and debt capital markets, mergers and acquisitions, and fixed income trading across global markets. With operations in over 50 countries and approximately 50,000 employees at its peak, Credit Suisse was a significant player in international finance and a component of major stock indices. However, the bank faced mounting challenges in the early 2020s, including regulatory issues, risk management failures, and significant losses from high-profile client defaults, ultimately leading to a loss of confidence and liquidity crisis. In March 2023, UBS agreed to acquire Credit Suisse in a government-facilitated transaction for CHF 3 billion, marking the end of Credit Suisse as an independent institution and one of the most significant banking consolidations in European financial history.