The Bizarre Story Behind the Credit Suisse Crisis

  • last year
Credit Suisse’s ($CS@Switzerland) shares closed on Wednesday at an all-time low of 1.697 Swiss francs ($1.83) and improved slightly after the beleaguered Swiss Bank received a lifeline from the Swiss National Bank. Credit Suisse’s massive strategic overhaul is the result of a string of scandals over the years. Credit Suisse’s misdeeds include a spying scandal from 2016-2019, resulting in the suicide of a private investigator. In early 2021, the bank was grappling with its exposure to the collapse of U.S. hedge fund Archegos Capital and British supply chain finance firm Greensil Capital, encumbering it with litigation and reimbursement costs. In February 2022, leaked data claimed that the bank had served human rights abusers, corrupt politicians, and businessmen under sanctions for decades.

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