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{{Infobox company
| name = Credit Suisse
| logo = Credit Suisse Logo 2022.svg
| logo_size = 250px
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}}
'''Credit Suisse
Credit Suisse was founded in 1856 to fund the development of [[Rail transport in Switzerland|Switzerland's rail system]]. It issued loans that helped create Switzerland's [[electrical grid]] and the [[Rail transport in Europe|European rail system]]. In the 1900s, it began shifting to [[retail banking]] in response to the elevation of the middle class and competition from fellow Swiss banks [[UBS]] and [[Julius Baer Group|Julius Bär]]. Credit Suisse partnered with [[First Boston]] in 1978 before buying a controlling share of the bank in 1988. From 1990 to 2000, the company purchased institutions such as [[Winterthur Group]], Swiss Volksbank, Swiss American Securities Inc. (SASI), and [[Bank Leu]].
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[[File:Credit Suisse logo c1972.png|thumb|Logo in 1972]]
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.<ref>{{cite journal |title=The Regulation and Nationalization of the Swiss Railways |journal=Annals of the American Academy of Political and Social Science |publisher=Sage |author1=B. H. Meyer |author2=Hans Dietler |volume=13 |issue=2 |year=1899 |pages=1–30 |jstor=1009453 |issn=0002-7162 |doi=10.1177/000271629901300201 |s2cid=143907491 |url=https://zenodo.org/record/1448684 |access-date=29 June 2019 |archive-date=29 July 2020 |archive-url=https://web.archive.org/web/20200729002607/https://zenodo.org/record/1448684 |url-status=live}}</ref><ref name="MeierMarthinsen2012">{{cite book |url=https://books.google.com/books?id=bpKmVkdP360C&pg=PA89 |title=Swiss Finance: Capital Markets, Banking, and the Swiss Value Chain |publisher=John Wiley & Sons |author1=Henri B. Meier |author2=John E. Marthinsen |author3=Pascal A. Gantenbein |page=89 |date=1 October 2012 |isbn=978-1-118-22508-0}}</ref> Escher founded Credit Suisse (originally called the Swiss Credit Institution, i.e., ''Schweizerische Kreditanstalt'') jointly with [[Allgemeine Deutsche Credit-Anstalt]] on 5 July in 1856<ref name=":0">{{Cite book |title=From Schweizerische Kreditanstalt to Credit Suisse Group : the history of a bank |last=Joseph. |first=Jung |date=2000 |publisher=NZZ Verlag |isbn=3858238910 |location=Zurich |oclc=45803230}}</ref> primarily to provide domestic funding to railway projects, avoiding French banks that wanted to exert influence over the railway system.<ref name="nine"/> Escher aimed to start the company with three million shares and instead sold 218 million shares in three days.<ref name="FranksNunnally2010"/> The bank opened on 16 July 1856 and was modeled after [[Crédit 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.<ref name="nine">{{cite book |url=https://books.google.com/books?id=eXvfNDHpfWwC&pg=PA1016 |title=Handbook on the History of European Banks |publisher=Edward Elgar Publishing |first=Manfred |last=Pohl |page=1016 |year=1994 |isbn=978-1-85278-919-0}}</ref> In its first year of operation, 25 percent of the bank's revenues was from the [[Swiss Northeastern Railway]], which was being built by [[Bruno Hildebrand]] and Escher's company, Nordostbahn.<ref name="swissbook"/>
Credit Suisse played a substantial role in the economic development of Switzerland, helping the country develop its currency system,<ref name="FranksNunnally2010">{{cite book |url=https://books.google.com/books?id=iOvJLwRrJikC&pg=PA198 |title=Barbarians of Wealth: Protecting Yourself from Today's Financial Attilas |publisher=John Wiley & Sons |author1=Sandy Franks |author2=Sara Nunnally |page=198 |year=2010 |isbn=978-0-470-94658-9}}</ref> funding entrepreneurs<ref name="MeierMarthinsen2012"/> and investing in the [[Gotthard railway]], which connected Switzerland to the European rail system in 1882.<ref name="nine"/> Credit Suisse helped fund the creation of Switzerland's electrical grid through its participation with Elektrobank (now called Elektrowatt), a coalition of organizations that co-financed Switzerland's electrical grid.<ref name="HausmanHertner2008">{{cite book |url=https://books.google.com/books?id=P7ae1nBwBmgC&pg=PA98 |title=Global Electrification: Multinational Enterprise and International Finance in the History of Light and Power, 1878–2007 |publisher=Cambridge University Press |first1=William J. |last1=Hausman |first2=Peter |last2=Hertner |author-link3=Mira Wilkins |first3=Mira |last3=Wilkins |page=98 |year=2008 |isbn=978-0-521-88035-0}}</ref> According to ''The Handbook on the History of European Banks'', "Switzerland's young electricity industry came to assume the same importance as support for railway construction 40 years earlier."<ref name="nine"/> The bank also helped fund the effort to disarm and imprison French troops that crossed into Swiss borders in the 1870 [[Franco-Prussian War]].<ref name="nine"/><ref name="swissbook">{{cite book |title=From Schweizerische Kreditanstalt to Credit Suisse Group: The History of a Bank |publisher=NZZ Verlag |first=Joseph |last=Jung |year=2000 |isbn=3-85823-891-0}}</ref> By the end of the war, Credit Suisse had become the largest bank in Switzerland.<ref name="FranksNunnally2010"/>
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In 1987, the Group acquired the blue chip London stockbrokers [[Buckmaster & Moore]], originally established by aristocrat [[Charles Armytage-Moore]] and sportsman [[Walter Buckmaster]], who had met at [[Repton School]]. As stockbrokers they were very well connected, had developed a good private client business, which at one time included [[John Maynard Keynes]].
Other Credit Suisse First Boston brands were later created in Switzerland, Asia, London, New York and Tokyo.<ref name="secret">{{cite news |url=http://business.highbeam.com/435552/article-1G1-7060754/gut-secret-plan |archive-url=https://web.archive.org/web/20130518234904/http://business.highbeam.com/435552/article-1G1-7060754/gut-secret-plan |url-status=dead |archive-date=18 May 2013 |title=Gut's Secret Money |work=[[Euromoney]] |first=Matthew |last=Crabbe |date=January 1989 |access-date=27 August 2012}}</ref><ref name="nytimes2">{{cite news |url=https://www.nytimes.com/1989/04/10/business/swiss-bank-turns-aggressive.html?pagewanted=all |title=Swiss Bank Turns Aggressive |work=[[The New York Times]] |first=Steven |last=Greenhouse |pages=D1–D2 |date=10 April 1989 |access-date=27 August 2012 |archive-date=8 March 2021 |archive-url=https://web.archive.org/web/20210308191448/https://www.nytimes.com/1989/04/10/business/swiss-bank-turns-aggressive.html?pagewanted=all |url-status=live}}</ref> According to an article in ''[[The New York Times]]'', First Boston became "the superstar of the Euromarkets" by buying stakes in American companies that wanted to issue bonds.<ref name="nytimes2"/> In 1988 First Boston loaned $487 million to Gibbons and Green for the purchase of the [[Sealy Corporation|Ohio Mattress Company]], which was purchased at twenty times its annual revenue. Gibbons had also borrowed $475 million in [[junk bonds]]. When the junk bonds market crashed the following year, Gibbons couldn't repay First Boston.<ref name="FranksNunnally2010"/> Credit Suisse injected $725 million to keep First Boston in business,<ref>{{cite news |url=https://money.cnn.com/magazines/fortune/fortune_archive/1996/08/19/215626/ |title=Will CS First Boston Ever Win? |work=[[Fortune (magazine)|Fortune]] |first=Linda |last=Grant |pages=30–34 |date=19 August 1996 |access-date=27 August 2012 |url-status=dead |archive-url=https://web.archive.org/web/20131203065900/https://money.cnn.com/magazines/fortune/fortune_archive/1996/08/19/215626/ |archive-date=3 December 2013}}</ref> which ultimately led to the company being taken over by Credit Suisse.<ref>{{
In the late 1990s, Credit Suisse executed an aggressive acquisition strategy.<ref name="MeierMarthinsen2012"/> The bank acquired Bank Leu, known as Switzerland's oldest bank, in 1990.<ref>{{cite magazine |last=Cooper |first=Ron |date=14 October 1991 |title=Gut Instincts |magazine=[[Forbes (magazine)|Forbes]] |volume=148 |issue=8 |pages=169–170}}</ref><ref>{{cite news |url=https://www.reuters.com/article/creditsuisse-idUSL5E7MF0YT20111115 |title=Update 5-C: Suisse ends oldest Swiss bank brand Leu |work=Reuters |first=Emma |last=Thomasson |date=15 November 2011 |access-date=21 November 2012 |archive-date=10 March 2016 |archive-url=https://web.archive.org/web/20160310114741/http://www.reuters.com/article/creditsuisse-idUSL5E7MF0YT20111115 |url-status=live}}</ref> In 1993 Credit Suisse outbid UBS for a controlling stake in Switzerland's fifth largest bank, Swiss Volksbank in a $1.1 billion deal.<ref name=volksbank>{{cite news |url=https://www.nytimes.com/1993/01/06/business/company-news-offer-made-to-create-largest-swiss-bank-group.html |title=Offer Made to Create Largest Swiss Bank Group |work=[[The New York Times]] |date=6 January 1993 |access-date=21 November 2012 |archive-date=4 March 2016 |archive-url=https://web.archive.org/web/20160304134026/http://www.nytimes.com/1993/01/06/business/company-news-offer-made-to-create-largest-swiss-bank-group.html |url-status=live}}</ref> It also merged with [[Winterthur Group]] in 1997 for about $9 billion<ref>{{cite news |url=https://www.nytimes.com/2002/06/21/business/credit-suisse-s-insurance-unit-to-get-infusion-of-1.1-billion.html |title=Credit Suisse's Insurance Unit To Get Infusion of $1.1 Billion |work=[[The New York Times]] |first=Elizabeth |last=Olson |date=21 June 2002 |access-date=30 November 2012 |archive-date=24 May 2013 |archive-url=https://web.archive.org/web/20130524203215/http://www.nytimes.com/2002/06/21/business/credit-suisse-s-insurance-unit-to-get-infusion-of-1.1-billion.html |url-status=live}}</ref> and acquired the asset management division of Warburg, Pincus & Co. in 1999 for $650 million.<ref>{{cite news |title=Credit Suisse Agrees to Purchase Unit of Warburg Pincus for $650 Million |work=[[The Wall Street Journal]] |first=Charles |last=Gasparino |page=B14 |date=16 February 1999}}</ref> [[Donaldson, Lufkin & Jenrette]] was purchased for $11.5 billion in 2000.<ref name="MeierMarthinsen2012"/><ref>{{cite news |url=http://www.businessweek.com/stories/2000-09-10/this-bank-keeps-growing-and-growing-and-dot-dot-dot |title=This Bank Keeps Growing And Growing And ... |work=[[Business Week]] |first1=David |last1=Fairlamb |first2=John |last2=Rossant |first3=Emily |last3=Thornton |page=134 |date=11 September 2000 |access-date=3 October 2012 |archive-date=3 December 2013 |archive-url=https://web.archive.org/web/20131203214340/http://www.businessweek.com/stories/2000-09-10/this-bank-keeps-growing-and-growing-and-dot-dot-dot |url-status=dead}}</ref>
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Later in the same week, Credit Suisse sought to shore up their finances by taking a loan of 50 billion Swiss francs from the [[Swiss National Bank]] (SNB);<ref>{{Cite news |last1=Makortoff |first1=Kalyeena |last2=Wearden |first2=Graeme |date=16 March 2023 |title=Credit Suisse takes $54bn loan from Swiss central bank after share price plunge |work=[[The Guardian]] |url=https://www.theguardian.com/business/2023/mar/16/credit-suisse-takes-50bn-loan-from-swiss-central-bank-after-share-price-plunge |access-date=16 March 2023 |archive-date=16 March 2023 |archive-url=https://web.archive.org/web/20230316074806/https://www.theguardian.com/business/2023/mar/16/credit-suisse-takes-50bn-loan-from-swiss-central-bank-after-share-price-plunge |url-status=live}}</ref><ref>{{Cite news |last=Wearden |first=Graeme |date=16 March 2023 |title=Credit Suisse 'takes decisive action' by borrowing up to £41bn from central bank – business live |work=[[The Guardian]] |url=https://www.theguardian.com/business/live/2023/mar/16/credit-suisse-borrowing-liquidity-swiss-francs-central-bank-ecb-lagarde-jeremy-hunt-business-live |access-date=16 March 2023 |archive-date=16 March 2023 |archive-url=https://web.archive.org/web/20230316074803/https://www.theguardian.com/business/live/2023/mar/16/credit-suisse-borrowing-liquidity-swiss-francs-central-bank-ecb-lagarde-jeremy-hunt-business-live |url-status=live}}</ref> the bank later proceeded to buy three billion Swiss francs of its own debt and to put the [[Baur en Ville]] hotel in [[Zürich]] for sale.<ref>{{Cite web |last=Smith |first=Elliot |date=16 March 2023 |title=Credit Suisse to buy back $3 billion in debt, sell landmark hotel as credit fears persist |url=https://www.cnbc.com/2022/10/07/credit-suisse-to-repurchase-3-billion-of-debt-securities.html |access-date= |website=[[CNBC]] |language=en |archive-date=16 March 2023 |archive-url=https://web.archive.org/web/20230316123005/https://www.cnbc.com/2022/10/07/credit-suisse-to-repurchase-3-billion-of-debt-securities.html |url-status=live}}</ref> However, this intervention did not stop investors and customers from [[bank run|pulling their money out]] of Credit Suisse, with outflows topping 10 billion Swiss francs during the week,<ref>{{cite news |last1=Noonan |first1=Laura |last2=Morris |first2=Stephen |last3=Fontanella-Khan |first3=James |last4=Massoudi |first4=Arash |last5=Walker |first5=Owen |title=Switzerland prepares emergency measures to deliver UBS takeover of Credit Suisse |url=https://www.ft.com/content/5746165a-3a0c-42c7-9a2e-cb7cf5f33f46 |website=Financial Times |date=18 March 2023 |access-date=18 March 2023 |archive-date=18 March 2023 |archive-url=https://web.archive.org/web/20230318142147/https://www.ft.com/content/5746165a-3a0c-42c7-9a2e-cb7cf5f33f46 |url-status=live}}</ref><ref>{{cite news |last=Maley |first=Karen |date=19 March 2023 |title=Bank panic shows deposits have become hugely volatile |url=https://www.afr.com/companies/financial-services/the-banking-model-is-wobbling-as-deposits-become-flighty-20230319-p5ctb9 |work=[[Australian Financial Review]]}}</ref> and almost $69 billion (approximately 61 billion Swiss francs) in withdrawals during the first calendar quarter.<ref>{{cite news |last1=Merced |first1=Michael J. de la |title=Final Days at Credit Suisse Were Marked by a $69 Billion Race for the Exits |url=https://www.nytimes.com/2023/04/24/business/dealbook/credit-suisse-withdrawals.html |access-date=24 April 2023 |work=The New York Times |date=24 April 2023}}</ref> The situation was so compromised that the SNB and the [[Federal Council (Switzerland)|Swiss government]] started discussions to fast-track the bank's acquisition by [[UBS]].<ref>{{cite news |title=UBS and regulators rush to seal Credit Suisse takeover deal |url=https://www.ft.com/content/5746165a-3a0c-42c7-9a2e-cb7cf5f33f46 |access-date=18 March 2023 |website=Financial Times |date=18 March 2023 |archive-date=18 March 2023 |archive-url=https://web.archive.org/web/20230318142147/https://www.ft.com/content/5746165a-3a0c-42c7-9a2e-cb7cf5f33f46 |url-status=live}}</ref><ref>{{cite news |title=Credit Suisse nella tempesta, il mercato pesa l'opzione Ubs |url=https://www.ilsole24ore.com/art/credit-suisse-tempesta-mercato-pesa-l-opzione-ubs-AEtEfL6C |access-date=18 March 2023 |agency=ilsole24ore.com |publisher=ilsole24ore.com |date=18 March 2023 |archive-date=18 March 2023 |archive-url=https://web.archive.org/web/20230318185517/https://www.ilsole24ore.com/art/credit-suisse-tempesta-mercato-pesa-l-opzione-ubs-AEtEfL6C |url-status=live}}</ref><ref>{{cite news |title=Ubs e Credit Suisse trattano la fusione, al lavoro anche le autorità Usa |url=https://www.ilsole24ore.com/art/ubs-e-credit-suisse-trattano-fusione-e-piano-a-il-salvataggio-AEZcsP6C |access-date=18 March 2023 |agency=ilsole24ore.com |publisher=ilsole24ore.com |date=18 March 2023 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319201124/https://www.ilsole24ore.com/art/ubs-e-credit-suisse-trattano-fusione-e-piano-a-il-salvataggio-AEZcsP6C |url-status=live}}</ref><ref>{{cite news |title=Credit Suisse Crisis Nears Finale as UBS Discussions Heat Up |url=https://www.bloomberg.com/news/articles/2023-03-18/ubs-is-said-to-seek-swiss-backstop-in-any-credit-suisse-deal?srnd=premium-europe&leadSource=uverify%20wall |access-date=18 March 2023 |website=Bloomberg |date=18 March 2023 }}</ref> On 19 March 2023, UBS announced a deal had been reached to [[Acquisition of Credit Suisse by UBS|acquire Credit Suisse]] for US$3.25{{nbsp}}billion ({{CHF|3 billion|ISO=yes}}) in an all-stock deal.<ref name=acq-bb>{{Cite news |date=19 March 2023 |title=UBS Agrees to Buy Credit Suisse in Historic Deal to End Crisis |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-03-19/ubs-agrees-to-buy-credit-suisse-in-historic-deal-to-end-crisis |access-date=19 March 2023 |archive-date=19 March 2023 |archive-url=https://web.archive.org/web/20230319172338/https://www.bloomberg.com/news/articles/2023-03-19/ubs-agrees-to-buy-credit-suisse-in-historic-deal-to-end-crisis |url-status=live}}</ref>
European regulators have criticized the moral hazard of the [[Tier 1 capital|AT1 bondholders]] suffering in the loss<ref>{{cite web |last1=De Paoli |first1=Lucca |last2=Morpurgo |first2=Giulia |title=Could Credit Suisse's AT1 Wipeout End Up In Court? |url=https://www.bloomberg.com/news/articles/2023-03-23/could-credit-suisse-s-at1-bondholders-challenge-writeoff-in-court |website=[[Bloomberg News]] |access-date=30 March 2023 |language=en |date=23 March 2023}}</ref> of their [[Contingent convertible bond|capital]] rather than the shareholders of the bank.<ref>{{cite web |last1=Foy |first1=Simon |last2=Gill |first2=Oliver |title=Row breaks out between Brussels and the Swiss over Credit Suisse rescue deal |url=https://www.telegraph.co.uk/business/2023/03/20/row-breaks-brussels-swiss-credit-suisse-rescue-deal/ |website=[[The Daily Telegraph|Daily Telegraph]] |access-date=30 March 2023 |date=20 March 2023}}</ref> In June 2024, a group of Credit Suisse bondholders holding $82 million worth of the bank's ATL debt filed a lawsuit against Switzerland seeking compensation.<ref>{{cite web |last1=Walker |first1=Owen |title=Credit Suisse investors sue Switzerland in New York court |url=https://www.ft.com/content/60f0dc76-efb4-4566-95ec-c308d7883439 |website=Financial Times |access-date=18 June 2024}}</ref>
According to financial analysts, economic sanctions imposed by [[Switzerland]] on [[Russian economy|Russian individuals]] and businesses had a significant impact on the demise of the bank. According to ''[[Bloomberg News]]'', Credit Suisse held about $33 billion for Russian clients, 50% more than [[UBS]].<ref>{{cite news |last1=Benny-Morrison |first1=Ava |last2=Strohm |first2=Chris |last3=Halftermeyer |first3=Marion |title=Credit Suisse, UBS Among Banks in DOJ Russia-Sanctions Probe |url=https://www.bloomberg.com/news/articles/2023-03-23/credit-suisse-ubs-among-banks-facing-doj-russia-sanctions-probe |access-date=12 April 2023 |work=[[Bloomberg News]] |date=23 March 2023 |language=en}}</ref>
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===Greensill Capital, 2021===
{{Main|Greensill Capital}}
In March 2021, Credit Suisse closed and liquidated several [[Supply chain finance|supply-chain]] [[investment fund]]s tied to the activities of [[Greensill Capital]]. The investors in the funds, which totalled assets of approximately $10 billion, were expected to lose $3 billion as of March 2021.<ref>{{Cite news |last1=Walker |first1=Owen |last2=Morris |first2=Stephen |date=25 March 2021 |title=Credit Suisse pegs potential Greensill fund losses at $3bn |work=[[Financial Times]] |url=https://www.ft.com/content/bb4f4311-e8b6-46a5-885d-4ed9b9febd22 |access-date=8 April 2021 |archive-date=6 April 2021 |archive-url=https://web.archive.org/web/20210406130854/https://www.ft.com/content/bb4f4311-e8b6-46a5-885d-4ed9b9febd22 |url-status=live}}</ref> Credit Suisse has returned around $7.4 billion to investors in its Greensill-linked funds.<ref>{{
===Archegos Capital, 2021===
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