Milestones in the Company's History
Credit Suisse can look back on a history stretching over more than 150 years. Over this period, what was once just a Swiss investment bank gradually developed into a globally active and integrated universal bank.
Key Developments 2012–2014
Events that shaped the markets and developments at Credit Suisse.
OECD unveils Common Reporting Standard on the Automatic Exchange of Information, providing guidelines on the compilation of information for national tax authorities.
EU Parliament passes legal structure for EU Banking Union, allowing the European Central Bank to directly supervise 120 significant banks of the participating countries.
BCBS adopts the Net Stable Funding Ratio, which will complement the Liquidity Coverage Ratio.
The Financial Stability Board publishes draft capital rules for global systemically relevant banks, intended to result in a minimum standard for total loss-absorbing capacity (TLAC) for the world’s largest banks.
Credit Suisse announces agreement with FHFA to settle litigation claims related to the sale of residential mortgage-backed securities between 2005 and 2007
Credit Suisse announces a comprehensive and final settlement regarding all outstanding US cross-border matters and agrees to pay USD 2.8 billion
Credit Suisse appoints James L. Amine and Timothy P. O'Hara to the Executive Board to jointly lead the Investment Banking division with Gaël de Boissard; Helman Sitohang assumes the role CEO of Asia Pacific
Credit Suisse piloted its cutting-edge digital private banking platform in Asia, with global rollout to begin in the first quarter of 2015.
Bilateral tax agreements between Switzerland and each of the the UK and Austria, enter into force, allowing for the regularization of assets in Switzerland of UK and Austrian residents.
Switzerland and the US sign an agreement which will enable financial institutions in Switzerland to comply with the Foreign Account Tax Compliance Act (FATCA) while remaining in compliance with Swiss law.
The Swiss Federal Council announced to provide authorizations to banks to transfer information about the destination of assets belonging to US clients who closed their Swiss bank accounts. Credit Suisse has received the authorization from the Swiss Federal Council.
On October 16, the US Senate and House Leaders ended the government shutdown that started on October 1, increased the debt limit and negotiated a longer-term budget deal.
As of January 1, 2013, Credit Suisse operates under the Basel III framework, which is implemented in Switzerland along with the Swiss "Too Big to Fail" (TBTF) legislation.
To accelerate its growth momentum in international markets and in the UHNW client segment, Credit Suisse agrees to acquire Morgan Stanley’s Private Wealth Management businesses in EMEA, excluding Switzerland.
Credit Suisse establishes non-strategic results in both divisions and the Corporate Center to accelerate the reduction of capital and costs associated with non-strategic activities and to focus resources on its strategic businesses and growth initiatives.
Credit Suisse announces key components of its program to evolve the Group’s legal entity structure , addressing developing and future regulatory requirements and marking a next step in the execution of the TBTF legislation implementation.
Central banks across the globe remain concerned about the growth outlook and generally further eased monetary policy in 2012. The US Federal Reserve notes that monetary policy would remain highly accommodative after the recovery strengthens.
Regulatory authorities in a number of jurisdictions, including the US, UK, EU and Switzerland, conduct investigations into the setting of LIBOR and other reference rates with respect to a number of currencies, as well as the pricing of certain related derivatives.
The Swiss National Bank advises in its Financial Stability Report at the end of June 2012 that the Swiss big banks (including Credit Suisse) should expand their loss-absorbing capital more rapidly in view of the marked deterioration in the economic environment – especially following the escalation of the eurozone debt crisis.
The eurozone sovereign debt crisis is a key theme in 2012. In September, European leaders agree on a single banking supervisory mechanism to be run by the European Central Bank.
As part of an industry-wide ratings review, Moody’s Investors Service announced a downgrade of Credit Suisse AG’s deposit and senior debt ratings from Aa1 to A1. With this A1 Moody’s rating, Credit Suisse AG maintains its position as one of the best-rated global banks.
Credit Suisse announces capital measures to accelerate the strengthening of its capital position in light of the regulatory and market environment. Measures include capital raising from key strategic investors and shareholders, strategic divestments and real estate sales.
Credit Suisse announces a settlement with the US Securities and Exchange Commission that resolves investigations relating to residential mortgage-backed securities transactions.
Credit Suisse integrates its former Private Banking and Asset Management divisions into a single, new Private Banking & Wealth Management division.
Slide show of the corporate history
It all started with the railroad
On July 5, 1856, the prominent politician, business leader, and pioneer Alfred Escher founded "Schweizerische Kreditanstalt". The original purpose of the new bank was to finance the expansion of the railroad network (e.g. the Nordostbahn/North-East Railway) as well as further industrialization in Switzerland. The founding of the company was a huge success: Initial stock was issued with a value of three million francs, but within just three days the total value of subscriptions amounted to 218 million francs.
This success story continued over the next century and a half, with Credit Suisse gradually evolving into a leading global provider of financial services. On the one hand, this was achieved through strong organic growth, but it was also supplemented by a series of significant mergers and acquisitions. This involved the amalgamation of very different cultures, philosophies, and spheres of specialist knowledge to create a strong integrated bank.