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Credit Suisse AG
Credit Suisse AG was a Swiss global investment bank and wealth manager founded in 1856, acquired by UBS in 2023 after a series of scandals and losses.
Credit Suisse AG
Credit Suisse AG was founded in 1856 by Alfred Hartmann and Johann G. W. J. B. L. von Schulthess to finance the expansion of Switzerland's railway network. For over a century, it grew into a global financial services firm, but a series of major losses — from the 2021 collapse of Archegos Capital Management and the 2022 leak of its banking secrets (the 'Swiss Secrets' leak) — eroded confidence. By March 2023, UBS acquired Credit Suisse for 3 billion Swiss francs in a state-brokered deal (per UBS, March 2023). Credit Suisse's asset management arm included direct investments in private credit, infrastructure, real estate, and hedge funds, alongside traditional wealth management. The firm held portfolio positions in companies such as the FinTech firm SIX Group and real estate assets across Europe and Asia-Pacific. Its investment bank had a footprint in equities, fixed income, and advisory, but was wound down after the acquisition (per Reuters, 2023). The bank employed roughly 50,000 people at its peak, with major offices in London, New York, Singapore, Tokyo, Hong Kong, and Frankfurt. Its 2023 bailout was followed by layoffs of over 9,000 staff (per Bloomberg, 2024). The Credit Suisse Foundation, a philanthropic entity, continues independent operations but is separate from the banking entity's assets. Credit Suisse's structural vulnerability stemmed from a governance model that granted the board limited oversight over risk-taking in its investment bank. This contrasts with UBS's more conservative approach, and the failure has prompted Swiss regulators to propose new 'too-big-to-fail' rules for systemically important banks.
General information
Firm type
other
Year founded
1856
AUM
Undisclosed
Location
Region
Europe
Country
Switzerland
City
Zurich
Corporate office
Zürich, Switzerland
Additional offices
London, United Kingdom · New York, United States · Singapore · Tokyo, Japan · Hong Kong · Frankfurt, Germany
Principals
Alfred Hartmann
Co-Founder
Johann G. W. J. B. L. von Schulthess
Co-Founder
Sector focus
Frequently asked questions
Who ran investment decisions at Credit Suisse?
Credit Suisse's investment decisions were overseen by a group executive board led by the CEO, with the Investment Bank and Asset Management divisions operating under separate risk committees. After the 2023 rescue, UBS took control of all remaining assets and wound down the investment bank (per UBS, 2023).
How did Credit Suisse source deal flow?
The firm sourced deal flow through its global network of relationship bankers, corporate clients, and wealth management advisors. Its investment bank underwrote IPOs and M&A, while asset management pursued direct investments in private credit and infrastructure co-investments (public record).
Is Credit Suisse still operating as an independent firm?
No. As of June 2023, Credit Suisse AG was fully integrated into UBS Group AG. The legal entity continues to exist for legacy obligations, but all active banking and wealth management operations have been transferred to UBS (per Swiss Financial Market Supervisory Authority, 2023).
What investment stages did Credit Suisse typically target?
Credit Suisse's asset management division invested across private credit (senior and mezzanine), infrastructure equity, core and opportunistic real estate, and hedge fund of funds. Its investment bank focused on public equity and debt underwriting, but direct investing was limited to the asset management arm (public record).
Which sectors did Credit Suisse explicitly avoid?
Credit Suisse did not publicly tag any sectors as avoided. However, following the Archegos collapse, the firm reduced exposure to highly leveraged family-office clients and structured products tied to single stocks (per Bloomberg, 2021).
How is Credit Suisse related to the Credit Suisse Foundation?
The Credit Suisse Foundation is a separate philanthropic entity funded by the bank but operates independently. After the acquisition, UBS stated it would continue the foundation's programs for a transition period, but long-term funding is under review (per UBS, 2023).
What is Credit Suisse's known posture on co-investments alongside external GPs?
Through its asset management arm, Credit Suisse participated in co-investment opportunities in private credit and real estate alongside external general partners, typically as a limited partner in fund structures. It also engaged in direct club deals in infrastructure (public record).
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