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.