As Credit Suisse one of the largest Swiss bank made headlines this week by being on the brink of bankruptcy, you might be interested to know some very important facts about the bank itself
1) Founded in 1856
it was established in 1856 which makes it 166 years ago. Initially, it was founded to fund the Swiss railway system. It issued loans that helped establish the European rail system.
2) Headquarter
CS is headquartered in Zurich for obvious reasons
3) Assets under Management
Credit Suisse currently had 1.6 trillion CHF assets.
4) Revenue
CS annual revenue in 2021 is estimated to be around 21 Billion CHF.
5) Least affected during 2008
Credit Suisse was the least affected bank during the 2008 financial crisis however, later on, they started cost-cutting measures including some layoffs.
6) Controversies
Credit Suisse has been part of many controversies over the span of decades. Some of the accusations included manipulating forex rates, tax fraud, and a lot more.
7) High CDS and the possibility of bankruptcy
In Q3 2022, CS reached a very high Credit default swap above 250 due to exposure of leverage of about $900B. There are speculations that the bank might get bankrupt anytime soon in the next few weeks which might trigger a domino effect negatively impacting the global economic markets.
Leave a Reply