Credit Suisse Group AG Is A Global Wealth Management, Investment Banking And Financial Services Company Founded In Switzerland. Credit Suisse Group AG Is Headquartered In Zurich And Has Offices In Major Financial Centers Around The World. It Is Also One Of The Top Ten "large Investment Institutions" In The World That Offer Both Investment Banking, Private Banking, Asset Management And Shared Services. Credit Suisse Group AG Is Known For Strictly Adhering To And Enforcing The "Bank-Client Confidentiality Clause" And The "Swiss Bank Secrecy Practices".
Credit Suisse Group AG Was Founded In 1856 To Raise Funds To Finance The Development Of Swiss Railways. By Issuing Loans, It Helped To Establish Switzerland's Transmission Network And The European Railway System. In The 1900s, Credit Suisse Group AG Turned To Retail Banking In Response To The Rise Of The Swiss Middle Class And Competition From UBS Group AG And Julius Baer Group. In 1978, Credit Suisse Group AG Partnered With First Boston Bank; Due To The Latter's Huge Financial Pressure After A Large Number Of Failed Loans, Credit Suisse Group AG Funded The Purchase Of Control Of The Bank In 1988. Between 1990 And 2000, Credit Suisse Group AG Made A Series Of Acquisitions. Credit Suisse Group AG Greatly Increased Its Market Share By Acquiring Companies Such As Winterthur Group, Swiss Volksbank, Swiss American Securities Inc. And Bank Leu.
Credit Suisse Group AG Was Restructured In 2002, 2004 And 2006. It Was One Of The Least Affected Banks In The 2008 Subprime Mortgage Crisis, But It Has Since Started To Cut Investment Operations, Lay Off Workers And Cut Operating Costs. The Bank Was Also At The Center Of Several Tax Avoidance Investigations, Resulting In A $2.60 Billion Fine Between 2008 And 2012 As A Result Of Its Eventual Guilty Plea. In The Third Quarter Of 2020, Credit Suisse Had Assets Under Management Of 1,478.3 Billion Swiss Francs And Net Income Of 5.3 Billion. In Early October 2022, Credit Suisse Was Exposed To A Liquidity Crisis; In February 2023, Credit Suisse's Largest Shareholder, Saudi National Bank, Refused To Provide Financial Assistance, Which Caused A Financial Crisis For Credit Suisse. On March 19 Of The Same Year, The Swiss Ministry Of Finance, The Swiss Financial Supervisory Authority And The Swiss Central Bank Jointly Initiated UBS Group AG To Acquire Credit Suisse To Solve Its Crisis.
The Company's Organizational Structure
Is Located At The Headquarters Of Credit Suisse Group AG In Parade Square, Zurich, Switzerland. Credit Suisse Group AG Is A Joint Stock Company Registered In Zurich, Switzerland, And It Is Also A Holding Company. It Owns Interests In Credit Suisse Bank And Other Financial Services Businesses. Credit Suisse Group AG Is Bound By The Board Of Directors, Shareholders And Independent Auditors. The Board Of Directors Organizes The Annual General Meeting Every Year, While The Investors Who Own The Majority Of Shares In The Company Decide The Agenda. The Architect, Elected By The Shareholders For A Term Of One Year, Has The Power To Approve The Annual Financial Report And Other Financial Statements, And Also Has The Authority Granted To Him By Other Laws. The Shareholders Elect Other Directors On The Nomination Of The Chairperson Or The Management Committee, Each For A Term Of Three Years. The Board Meets Six Times A Year To Vote On Company Resolutions. The Board Formulates The Business Strategy Of Credit Suisse And Approves Its Compensation Principles Under The Guidance Of The Compensation Committee. It Also Has The Power To Create Committees With Delegated Specific Management Functions.
Credit Suisse Group AG Has Two Business Divisions: Private Banking And Wealth Management And Investment Banking. The Shared Services Division Provides Support Services For All Business Areas, Such As Risk Management, Legal, IT And Marketing. Its Global Business Is Divided Into Four Segments: Switzerland; Europe, Middle East And Africa; Americas And Asia Pacific. Credit Suisse Private Banking Has Wealth Management, Corporate And Institutional; Its Investment Banking Division Is Responsible For Securities Processing, Investment Research, Trading, Prime Brokerage And Capital Procurement; And Its Asset Management Division Is Responsible For The Sale Of Investment Categories, Alternative Investments, Real Estate, Equities, Fixed Income Products And Other Financial Products.
