Credit suisse

• Credit Suisse has experienced multiple major scandals since early 2021. • These scandals have resulted in billions of dollars of losses for the bank and its investors, causing its stock price to nosedive. • Some fear that the company is on the precipice of failure, though Credit Suisse claims it is in a stable financial position. Credit Suisse, one of the largest banks in Switzerland, has been embroiled in scandal for the past several months. Due to the bank’s size, its failure could lead to a global impact much like the failure of Lehman Brothers—the American bank that dissolved into molecules before our eyes in 2008 and triggered the Great Recession. Credit Suisse began in 1856 when Alfred Escher founded Schweizerische Kreditanstalt (SKA) in Switzerland. SKA opened its first foreign office in New York in 1870 and its first bank branch outside of Zurich in 1905. The bank became a leading player in Swiss underwriting and syndication Over the decades, the bank expanded through mergers and acquisitions. By 2006, it was operating globally in private banking, investment banking and asset management. What’s happening at Credit Suisse • Greensill Capital: British financial services company focused on supply chain and accounts receivable financing. It originated loans, securitized them and sold them to investors. Credit Suisse had $10 billion invested in the company’s products. In March 2021, Greensill Capital failed, causing Credit Suisse’s clients to lose as much as $3 billio...

UBS Group AG completed the acquisition of Credit Suisse Group AG, sealing the biggest merger in banking since the 2008 financial crisis and creating a global wealth-management titan. The closing of the deal, announced in an open letter published Monday, ends Credit Suisse’s independent existence after 167 years and allows UBS to move forward with the complex integration of the former rival, a process that’s likely to involve thousands of job cuts.

ZURICH, June 12 (Reuters) - UBS Marking the closing of the biggest banking deal since the 2008 financial crisis, UBS Chief Executive Sergio Ermotti and Chairman Colm Kelleher said despite challenges there were "many opportunities" for clients, staff, shareholders and Switzerland. The combined group will oversee $5 trillion of assets, giving UBS a leading position in key markets it would otherwise have needed years to grow in size and reach. The merger also ends Credit Suisse's 167-years of independence. Having peaked at more than 82 Swiss francs in 2007, the price of Credit Suisse shares has been eroded by scandals and losses in recent years and closed at 0.82 francs on Monday. UBS shares gained 0.8%, valuing the bank at about 64 billion Swiss francs ($70 billion). The two banks now jointly employ about 120,000 worldwide, although UBS has already said it will be cutting jobs to reduce costs and take advantage of synergies. UBS announced a string of management changes with the closing including at Credit Suisse AG, which is now a UBS subsidiary that will be run separately. Of the more than 160 leaders being confirmed or appointed, just over a fifth are from Credit Suisse, a UBS spokesperson said. Andre Helfenstein will remain as head of the Credit Suisse domestic business, which UBS has said it is considering all strategic options for. CLOSING RUSH UBS agreed on March 19 to buy Credit Suisse for a knockdown price of 3 billion Swiss francs and up to five billion francs in as...