The fall of Credit Suisse
Credit Suisse, once the second-largest Swiss bank with over a trillion dollars in deposits, has experienced a significant decline. In 2005, its assets were 1.3 trillion CHF, decreasing to 800 billion in 2020 and further to 531 billion CHF in 2022. The loss of confidence is attributed not only to the impact of Covid and the banking crisis but also to pre-existing issues. Despite the profitability of its four main branches—Wealth Management, Asset Management, Investment Banking, and Swiss Banking—Credit Suisse faced challenges before the pandemic. Apart from the financial difficulties, the bank was entangled in scandals. Notably, it was accused, found guilty, and fined for its involvement in money laundering linked to a Bulgarian drugs ring. . links to scandals Credit Suisse fined $2.5 billion after pleading guilty to U.S. tax charge scandals These scandals ruined the perception of the bank and they were facing many legal troubles and the bank had to pay a lot of money in litigation