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Credit Suisse said in April that the bank's "employee attrition has been higher over the last year," and that it had just over 48,000 full-time employees at the end of the first quarter. Kinner Lakhani, Investor Relations, Credit Suisse . Strategies and solutions Fixed Income [72] Separately, in 2013, German authorities began to probe Credit Suisse, its private bank subsidiary Clariden Leu, and its regional subsidiary Neue Aargauer Bank for helping German citizens evade taxes. Cautionary statement regarding forward-looking information. All rights reserved. [7], On 19 March 2023, following negotiations with the Swiss government, UBS announced its intent to acquire Credit Suisse for $3.25 billion (CHF 3 billion) in order to prevent the bank's collapse. The Swiss economy as such also relies on a number of heavily capitalised state banks that have been a significant lender to those smaller enterprises, particularly after the demise of CS. The bank employs more than 50,000 people. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. [13] Holder also said "This case shows that no financial institution, no matter its size or global reach, is above the law." 3 RWA release also dependent on risk-weight methodology. [150], Between 2012 and 2016, Credit Suisse brokered US$1.3 billion of loans with Mozambican finance minister Manuel Chang, to develop the country's tuna fishing industry. Share Print Our industry leading, vertically integrated global business delivers execution certainty to clients across all asset classes with a focus on event driven, large scale transactions. Credit Suisse partnered with First Boston in 1978 before buying a controlling share of the bank in 1988. Accuses Four Bankers Connected to Credit Suisse of Helping Americans Evade Taxes", "Credit Suisse May Settle U.S. Probe by Admitting Wrongdoing, Paying Fine", "Clients of Swiss Bank Raided in Tax Probe", "Credit Suisse shuffles top executives, merges units", "Credit Suisse to Pay $197 Million in SEC U.S. Noah Gunn, Investor Relations, Apollo [117] The investment bank's insurance products are primarily popular in the domestic market and include auto, fire, property, life, disability, pension and retirement products among others. [21], Throughout the late 1800s, Credit Suisse set up banking and insurance companies in Germany, Brussels, Geneva and others (as SKA International) with the bank as a shareholder of each company. Global Credit Products - Credit Suisse Credit Global Credit Products Share Sales & Trading In sales and trading, we are a leading market maker in private and public debt across the credit spectrum, including leveraged loans as well as high yield investment grade, and emerging markets hard currency bonds. [21], In the late 1990s, Credit Suisse executed an aggressive acquisition strategy. Credit Suisse Group AG said it's working on possible asset and business sales as it seeks ways to drive down costs and restore profitability under a strategic plan to be announced next month. The Securitized Products team identifies directional and relative-value trading opportunities in global securitized product markets, with a focus on residential mortgage-backed securities (RMBS). [108], As of 25 January 2023, Saudi National Bank, an anchor investor, held a 10 per cent stake, Qatar Investment Authority (QIA) boosted its stake in the Credit Suisse Group to 6.87 per cent and Harris Associates reported a holding of below 3 per cent. Closing of the transaction is expected in the first half of 2023, subject to regulatory approvals, customer consents and other customary closing conditions. [136][137][138] 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. [55], According to The Wall Street Journal in 2008, "Credit Suisse survived the credit crisis better than many competitors. 1Refers to entities and funds managed by affiliates of Apollo Global Management Credit Suisses Securitized Products Group is a full-service, vertically integrated credit solutions provider to a range of incumbent and emerging lenders across residential and commercial real estate, consumer and other asset classes. 'Swiss Credit') is a global investment bank and financial services firm founded and based in Switzerland. the ability to maintain sufficient liquidity and access capital markets; market volatility, increases in inflation and interest rate fluctuations or developments affecting interest rate levels; the ongoing significant negative consequences, including reputational harm, of the Archegos and supply chain finance funds matters, as well as other recent events, and our ability to successfully resolve these matters; the impact of social media speculation and unsubstantiated media reports about our business and its performance; the extent of outflows of assets or future net new asset generation across our divisions; our ability to improve our risk management procedures and policies and hedging strategies; the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular, but not limited to, the risk of negative impacts of COVID-19 on the global economy and financial markets, Russias invasion of Ukraine, the resulting sanctions from the US, EU, UK, Switzerland and other countries and the risk of continued slow economic recovery or downturn in the EU, the US or other developed countries or in emerging markets in 2022 and beyond; the emergence of widespread health emergencies, infectious diseases or pandemics, such as COVID-19, and the actions that may be taken by governmental authorities to contain the outbreak or to counter its impact; potential risks and uncertainties relating to the severity of impacts from COVID-19 and the duration of the pandemic, including potential material adverse effects on our business, financial condition and results of operations; the direct and indirect impacts of deterioration or slow recovery in residential and commercial real estate markets; adverse rating actions by credit rating agencies in respect of us, sovereign issuers, structured credit products or other credit-related exposures; the ability to achieve our strategic initiatives, including those related to our targets, ambitions and goals, such as our financial ambitions as well as various goals and commitments to incorporate certain environmental, social and governance considerations into our business strategy, products, services and risk management processes; our ability to achieve our announced comprehensive new strategic direction for the Group and significant changes to its structure and organization; our ability to successfully implement the divestment of any non-core business; the future level of any impairments and write-downs, including from the revaluation of deferred tax assets, resulting from disposals and the implementation of the proposed strategic initiatives; the ability of counterparties to meet their obligations to us and the adequacy of our allowance for credit losses; the effects of, and changes in, fiscal, monetary, exchange rate, trade and tax policies; the effects of currency fluctuations, including the related impact on our business, financial condition and results of operations due to moves in foreign exchange rates; geopolitical and diplomatic tensions, instabilities and conflicts, including war, civil unrest, terrorist activity, sanctions or other geopolitical events or escalations of hostilities, such as Russias invasion of Ukraine; political, social and environmental developments, including climate change; the ability to appropriately address social, environmental and sustainability concerns that may arise from our business activities; the effects of, and the uncertainty arising from, the UKs withdrawal from the EU; the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations; operational factors such as systems failure, human error, or the failure to implement procedures properly; the risk of cyber attacks, information or security breaches or technology failures on our reputation, business or operations, the risk of which is increased while large portions of our employees work remotely; the adverse resolution of litigation, regulatory proceedings and other contingencies; actions taken by regulators with respect to our business and practices and possible resulting changes to our business organization, practices and policies in countries in which we conduct our operations; the effects of changes in laws, regulations or accounting or tax standards, policies or practices in countries in which we conduct our operations; the discontinuation of LIBOR and other interbank offered rates and the transition to alternative reference rates; the potential effects of changes in our legal entity structure; competition or changes in our competitive position in geographic and business areas in which we conduct our operations; the ability to retain and recruit qualified personnel; the ability to protect our reputation and promote our brand; the ability to increase market share and control expenses; technological changes instituted by us, our counterparties or competitors; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users; acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets; and. When a bank engages in misconduct this brazen, it should expect that the Justice Department will pursue criminal prosecution to the fullest extent possible, as has happened here," Attorney General Eric H. Holder said at the time. Credit Suisse is also a primary dealer and Forex counterparty of the Federal Reserve in the United States. Ad hoc announcement pursuant to Art. Email: IR@apollo.com, Joanna Rose, Media Relations, Apollo Kinner Lakhani, Investor Relations, Credit Suisse Apollo is expected to hire the majority of the SPG team and will receive customary transitional services from Credit Suisse following the closing of the transaction in order to maintain a seamless experience for clients. We offer a full universe of cross-asset quantitative strategies across Smart Beta (including HOLT), Alternative Risk Premia Portfolio Hedging and Asset Allocation leveraging our research and trading capabilities. Credit Suisse accelerates the radical restructuring of its Investment Bank with the announcement that it has entered into definitive transaction agreements to sell a significant part of its Securitized Products Group (SPG) and other related financing businesses to Apollo Global Management (Apollo).1 The execution of these agreements represents an important step towards a managed exit from the Securitized Products business, which is expected to significantly de-risk the Investment Bank and release capital to invest in Credit Suisses core businesses. The SEC's investigation said that the banking group sought investment banking business in the Asia-Pacific region by hiring and promoting more than one hundred Chinese officials and related people in violation of the Foreign Corrupt Practices Act. [74], In March 2014, Credit Suisse denied claims it had been drawn into a Swiss competition probe investigating potential collusion to manipulate foreign exchange rates (Forex scandal) by various Swiss and foreign banks. Credit Suisse accelerates the radical restructuring of its Investment Bank with the announcement that it has entered into definitive transaction agreements to sell a significant part of its Securitized Products Group (SPG) and other related financing businesses to Apollo Global Management (Apollo).1 The execution of these agreements represents a. To learn more, please visit www.apollo.com. [160], On 24 January 2020, following the trial, the climate activist group emitted a press statement requesting a transparent, televised debate with the CEO of Credit Suisse. We do not intend to update these forward-looking statements. This transaction, together with the contemplated sale of other portfolio assets to third-party investors, is expected to reduce SPG assets from USD 75 billion2 to approximately USD 20 billion, through a series of transactions expected to be completed by mid-2023. As part of the transaction, Apollo has agreed to acquire a significant part of Credit Suisses SPG portfolio assets. CS had suffered severe losses in 2021 from the Archegos and Greensill financial scandals that implicated former Archegos executives with racketeering conspiracy, securities fraud and wire fraud. Credit Suisse lost $75 billion of customer deposits in the first quarter of 2023, or 29% of the total at the end of 2022, the bank said on April 24. [125] According to a story in The Wall Street Journal, the head of Credit Suisse's International Focus Fund keeps a portfolio of only 4050 stocks, instead of the industry-norm of more than 100. The bond purchase was below 55% of the purchase value and below 35.5% for the consecutive 5 year-intervals after 2025. As stockbrokers they were very well connected, had developed a good private client business, which at one time included John Maynard Keynes. [22], Credit Suisse played a substantial role in the economic development of Switzerland, helping the country develop its currency system,[21] funding entrepreneurs[18] and investing in the Gotthard railway, which connected Switzerland to the European rail system in 1882. [157][158][155][156][159], The tennis theme was chosen to urge Swiss tennis star Roger Federer to break his connection with Credit Suisse as a sponsor due to the company's participating in the climate crisis (notably by multiplying 16-fold its financing for coal from 2016 to 2017). [22] The first branch outside of Zrich was opened in 1905 in Basel. [122] Credit Suisse manages the financial instruments of the Dow Jones Credit Suisse long/short equity index (originally called Credit Suisse/Tremont Hedge Fund Indexes). [179] The bank's current chairman, Axel Lehmann, also assured investors that the bank was stable after wealthy clients began moving their assets out of the bank. Founded in 1856 with headquarters in . The company was one of the world's most important banks, upon which international financial stability depends. [166], In 2021, 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 EU consumers and involving several other large international banks. assumptions underlying any such statements. Credit Suisse announced today that it has entered into a framework and exclusivity agreement to transfer a significant portion of its Securitized Products Group (SPG) and other related financing businesses to an investor group led by Apollo Global Management. [164], In April 2021, at least seven executives were removed from their posts after Credit Suisse reported losses of $4.7 billion linked to its prime brokerage services provided to Archegos Capital. [136] Credit Suisse's outside auditor discovered the mismarkings during an audit. [172], In February 2022, details of 30,000 customers holding over 100bn Swiss francs (80bn) in accounts at the bank were leaked to the Sddeutsche Zeitung, and became known as "Suisse Secrets". BERN, June 2 (Reuters) - UBS (UBSG.S)Chief Executive Sergio Ermotti on Friday warned of painful decisions about job cuts following the takeover of Credit Suisse (CSGN.S), which he said he hoped. [63]@media all and (max-width:720px){.mw-parser-output .rquote{width:auto!important;float:none!important}}.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 40px}.mw-parser-output .templatequote .templatequotecite{line-height:1.5em;text-align:left;padding-left:1.6em;margin-top:0}. It issued loans that helped create Switzerland's electrical grid and the European rail system. GreensLedge Capital Markets LLC is acting as financial advisor and Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP are acting as legal advisors to Apollo in connection with the potential transaction. As a result, the government of Ecuador pledged to spend about $18 million annually for two decades on conservation in the Galapagos islands, a UNESCO world heritage site. Copyright 1997 - 2023 CREDIT SUISSE GROUP AG and/or its affiliates. [73] In 2012, the bank eventually entered into a 150 million settlement with the government. [106], On 9 May 2023, Credit Suisse announced that it would continue its banking operations but under the hospice of UBS in order to fulfill its financial obligations towards existing clients as well as employees of both banks. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, including the information set forth in Risk factors in I Information on the company in our Annual Report 2021 and in Risk factor in Credit Suisse results Credit Suisse in our 3Q22 Financial Report. [184], Credit Suisse is more internationally minded than most European banks. [186][187] Later the Swiss federal government, as well as the last General Assembly of Credit Suisse shareholders voted to withdraw or seriously reduce bonus payments to top management. Other Credit Suisse First Boston brands were later created in Switzerland, Asia, London, New York and Tokyo. With no answer from the bank, they created a website under the name "DiscreditSuisse" hosting content pertaining to Credit Suisse's record on climate issues. [136][141], The traders secured sham "independent" marks for illiquid securities that they held position in from friends who worked at other financial firms. [102][103], Credit Suisse Group AG, is organised as a joint-stock company registered in Zrich that operates as a holding company. [113][114] The investment bank is intended for companies and wealthy individuals with more than 50,000 euro. Email: IR@apollo.com, Joanna Rose, Media Relations, Apollo . Nevertheless, the Swiss National Bank vowed to follow the situation closely. As equity markets tumbled 35% in three weeks - the fastest drawdown in history - and correlation realised at all-time highs, Credit Suisse was well cushioned, having reinvested $46 million of structured product revenues since 2018 to protect its activities. [53] The debtor had borrowed more than $300 million for the business, but used a large portion of it for personal use before eventually filing for bankruptcy. [172] The bank said it would appeal against the verdict. From 1990 to 2000, the company purchased institutions such as Winterthur Group, Swiss Volksbank, Swiss American Securities Inc. (SASI), and Bank Leu. You are about to change the origin country from where you are visiting Credit-suisse.com. IPv6 available. While the deal undergoes review, Credit Suisse remains operational. Client Case", "German prosecutors probe Credit Suisse tax evasion", "Germany Probes UBS Staff on Tax-Evasion Allegations", "Credit Suisse AG says not subject to Swiss competition foreign exchange probe", "Credit Suisse Pleads Guilty in Felony Case", "Credit Suisse guilty plea has little immediate impact as shares rise", "Prudential's Tidjane Thiam to take top role at Credit Suisse", "Credit Suisse names new CEO of global markets", "Switzerland's banks try to put the past behind them", "Credit Suisse rstet gegen Smartphone-Banken auf", "Credit Suisse launches restructuring after trading profit boost", "Credit Suisse warns of more losses after sliding deep into the red", "Credit Suisse finds 'material weaknesses' in financial reporting controls", "Credit Suisse sheds nearly 25%, key backer says no more money", "Credit Suisse Shares Plunge as Bank Storm Spreads to Europe", "Credit Suisse Stock Price Drops as Much as 30%", "Credit Suisse takes $54bn loan from Swiss central bank after share price plunge", "Credit Suisse 'takes decisive action' by borrowing up to 41bn from central bank business live", "Credit Suisse to buy back $3 billion in debt, sell landmark hotel as credit fears persist", "Switzerland prepares emergency measures to deliver UBS takeover of Credit Suisse", "Bank panic shows deposits have become hugely volatile", "Final Days at Credit Suisse Were Marked by a $69 Billion Race for the Exits", "UBS and regulators rush to seal Credit Suisse takeover deal", "Credit Suisse nella tempesta, il mercato pesa l'opzione Ubs", "Ubs e Credit Suisse trattano la fusione, al lavoro anche le autorit Usa", "Credit Suisse Crisis Nears Finale as UBS Discussions Heat Up", "UBS Agrees to Buy Credit Suisse in Historic Deal to End Crisis", "Could Credit Suisse's AT1 Wipeout End Up In Court?

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