Credit Suisse
in Zürich, SwitzerlandCategory: Attraction
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Poststrasse 7, 8001 Zürich, Switzerland Print route »
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Credit Suisse Group is a Swiss multinational investment bank and financial services company based in Zürich. As the second largest bank in Switzerland, it is considered a "Bulge Bracket Bank" along with fellow Swiss competitor, UBS. The company is organized as a stock corporation with four divisions: investment banking, private banking, asset management, and shared services that provides marketing and support to the other three divisions.
Credit Suisse was founded in 1856 to fund the development of Switzerland's rail system. It issued loans that helped create Switzerland's electrical grid and the European rail system. In the 1900s, it began shifting to retail banking in response to the elevation of the middle class. Credit Suisse partnered with First Boston in 1978. After a large failed loan put First Boston under financial stress, Credit Suisse bought a controlling share of the bank in 1988. From 1990 to 2000, the company made a series of acquisitions dramatically increasing their market share via the purchases of Winterthur Group, Swiss Volksbank, Swiss American Securities Inc. (SASI) and Bank Leu, among others.
The company restructured itself in 2002, 2004 and 2006. It was one of the least affected banks during the global financial crisis, but afterwards began shrinking its investment business, executing layoffs and cutting costs. The bank was at the center of multiple international investigation into its tax avoidance schemes which culminated in a guilty plea and the forfeiture of US$2.6 billion in fines from 2008 to 2012. In 2014, Credit Suisse had US$888.2 billion of assets under management according to the Scorpio Partnership (an increase of 9.5% on 2013).
