News in numbers
Crash and Bern The long demise of Credit Suisse
Market capitalisation of Credit Suisse (at year-end unless noted otherwise) $50B
$40B $30B $20B $10B $0B
Source:
CompaniesMarketcap.com via Statista
Sells Softbank’s $900m Wirecard convertible bond to other investors.
Capital fl ight continues amid Q1 collapse Net new assets/net asset outfl ows reported by Credit Suisse*
+$31.8B +$6.3B -$5.3B +$1.8B +$8.9B -$8.6B -$14.5B -$68.6B -$123.9B
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Source: Credit Suisse via Statista
*converted from CHF to USD at a rate of 1CHF = 1.121USD
Board admits spying on a senior executive.
2020
Reveals it faces up to $680m in losses from a civil suit relating to residential mortgage-backed securities issued in 2007.
2021 Announces it will wind down
$10bn of supply chain fi nance funds linked to Greensil Capital and pegs potential losses at $3bn.
Cuts bonuses after losing $4.7bn from the collapse of Archegos Capital.
On 19 March 2023, USB bought Credit Suisse for $3.2bn
A decade of decline 2011
Urs Rohner takes over as chair. 2014
Pleads guilty and pays $2.6bn in fi nes for helping US clients evade taxes.
2016
Agrees to pay $5.3bn after DoJ inquiry into the mis-selling of mortgage-backed securities in the US.
2019
2017 2018 2019 2020 2021 2022 17 March 2023
19 March 2023
Board probes the bank’s decision to hire private investigators to follow an executive who had quit to join rival UBS.
Source: FT research; S&P Capital IQ
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Future Banking /
www.nsbanking.com
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