Credit Suisse had embarked on an overhaul to recover from scandals, losses and lawsuits, but its shares slumped last week on fears of contagion from a banking crisis in the United States.
UBS has agreed to buy its rival for 3 billion Swiss francs and assume up to 5 billion francs in losses.
Credit Suisse in March 2023 had to tap the Swiss central bank for up to $54 billion to shore up liquidity, after its shares hit record lows after a bank collapse in the US.
SWISS CENTRAL BANK CASH
Credit Suisse's 2022 annual report identified "material weaknesses" in internal controls over financial reporting. Swiss regulator FINMA said the bank must have appropriate control processes in place.
'MATERIAL WEAKNESSES’
Credit Suisse in February 2023 reported a total net loss of more than 7 billion Swiss francs for 2022, its biggest loss since the 2008 financial crisis.
BIG LOSSES AND OUTFLOWS
In June 2022, the bank was convicted of failing to prevent money laundering by a Bulgarian cocaine trafficking gang.
COCAINE-RELATED MONEY LAUNDERING
A Bermuda court ruled in March 2022 that former Georgian PM Bidzina Ivanishvili and his family are due damages of over half a billion dollars from Credit Suisse's local life insurance arm.
BERMUDA TRIAL
Credit Suisse denied allegations of wrongdoing after dozens of media outlets in February 2022 published results of coordinated investigations into a leak of customer’s data.
'SUISSE SECRETS’
Chairman Antonio Horta-Osorio resigned in January 2022 after flouting COVID-19 quarantine rules.
CHAIRMAN EXIT
Credit Suisse lost $5.5 billion when U.S. family office Archegos Capital Management defaulted in March 2021.
ARCHEGOS DEFAULT
Credit Suisse was forced to freeze $10 billion of supply chain finance funds in March 2021 when British financier Greensill Capital collapsed.
GREENSILL FUNDS COLLAPSE
Credit Suisse shareholders rejected a proposal from the bank's board to discharge management from other liabilities for 2020, highlighting investor anger at the bank's costly missteps.
SHAREHOLDER ANGER
Credit Suisse CEO Tidjane Thiam was forced to quit in March 2020 after an investigation found the bank hired private detectives to spy on its former head of wealth management Iqbal Kahn after he left for arch rival UBS.
SPYING SCANDAL