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Coordinates : 47°22′11″N 8°32′22″E / 47.369602°N 8.539449°E / 47.369602; 8.539449

Credit Suisse
Credit Suisse
Group

TYPE Aktiengesellschaft

TRADED AS SIX : CSGN, NYSE : CS

ISIN CH0012138530

INDUSTRY Financial services
Financial services

FOUNDED 1856; 161 years ago (1856)

FOUNDER Alfred Escher

HEADQUARTERS Paradeplatz 8 Zürich , Switzerland
Switzerland

AREA SERVED Worldwide

KEY PEOPLE Urs Rohner ( Chairman
Chairman
) Tidjane Thiam (CEO )

PRODUCTS Investment and private banking , asset management

REVENUE CHF 23.38 billion (2015)

OPERATING INCOME CHF 2.42 billion (2015)

PROFIT CHF −2.94 billion (2015)

TOTAL ASSETS CHF 820.80 billion (end 2015)

TOTAL EQUITY CHF 44.38 billion (end 2015)

NUMBER OF EMPLOYEES 48,200 (FTE , end 2015)

CAPITAL RATIO 11.3%

WEBSITE www.credit-suisse.com

CREDIT SUISSE GROUP is a Swiss multinational financial services holding company , headquartered in Zürich , that operates the Credit Suisse Bank
Bank
and other financial services investments. The company is organized as a stock corporation with four divisions: Investment Banking, Private Banking, Asset
Asset
Management, and a Shared Services Group that provides marketing and support to the other three divisions.

Credit Suisse
Credit Suisse
was founded by Alfred Escher in 1856 under the name Schweizerische Kreditanstalt (SKA, English: Swiss Credit Institution) in order to fund the development of Switzerland's rail system. It issued loans that helped create Switzerland's electrical grid and the European rail system. It also helped develop the country's currency system and funded entrepreneurship. In the 1900s Credit Suisse
Credit Suisse
began shifting to retail banking in response to the elevation of the middle-class and the growing popularity of savings accounts. Credit Suisse partnered with First Boston in 1978. After a large failed loan put First Boston under financial stress, Credit Suisse
Credit Suisse
bought a controlling share of the bank in 1988. In the 1990s, Credit Suisse acquired the Winterthur Group , Swiss Volksbank, Swiss American Securities Inc. (SASI) and Bank Leu among others. In the year 2000, it added the U.S. investment firm Donaldson, Lufkin "> Credit Suisse headquarters at Paradeplatz in Zürich

Credit Suisse
Credit Suisse
Group AG is organized as a joint-stock company registered in Zürich that operates as a holding company. It owns the Credit Suisse
Credit Suisse
bank and other interests in the financial services business. Credit Suisse
Credit Suisse
is governed by a board of directors, its shareholders and independent auditors. The Board of Directors organize the Annual General Meeting of Shareholders while investors with large stakes in the company determine the agenda. Shareholders elect auditors for one-year terms, approve the annual report and other financial statements, and have other powers granted by law. Shareholders elect members of the board of directors to serve a three-year term based on candidates nominated by the Chairman's and Governance committee and the Board of Directors meet six times a year to vote on company resolutions. The Board sets Credit Suisse's business strategies and approves its compensation principles based on guidance from the compensation committee. It also has the authority to create committees that delegate specific management functions.

Credit Suisse
Credit Suisse
has two divisions, Private Banking "> Swiss Credit Institution's headquarters – 1895 Share of the Schweizerische Kreditanstalt in Zurich, issued 31. May 1898

Credit Suisse
Credit Suisse
played a substantial role in the economic development of Switzerland, helping the country develop its currency system, funding entrepreneurs and investing in the Gotthard railway , which connected Switzerland
Switzerland
to the European rail system in 1882. Credit Suisse helped fund the creation of Switzerland's electrical grid through its participation with Elektrobank (now called Elektrowatt), a coalition of organizations that co-financed Switzerland's electrical grid. According to _The Handbook on the History of European Banks_, "Switzerland's young electricity industry came to assume the same importance as support for railway construction 40 years earlier." The bank also helped fund the effort to disarm and imprison French troops that crossed into Swiss borders in the 1870 Franco-Prussian War
Franco-Prussian War
. By the end of the war, Credit Suisse
Credit Suisse
had become the largest bank in Switzerland.

Throughout the late 1800s, Credit Suisse
Credit Suisse
set up banking and insurance companies in Germany
Germany
, Brussels
Brussels
, Geneva
Geneva
and others (as SKA International) with the bank as a shareholder of each company. It created insurance companies like Swiss RE, Swiss Life , Rentenanstalt and Schweiz. Credit Suisse
Credit Suisse
had its first unprofitable year in 1886, due to losses in agriculture, venture investments, commodities and international trade. The bank created its own sugar beet factory, bought 25,000 shares in animal breeding ventures and supported an export business, Schweizerische Exportgesellschaft, that experienced heavy losses for over-speculative investing. The inside of a Credit Suisse
Credit Suisse
building in the 1930s

In the early 1900s Credit Suisse
Credit Suisse
began catering to consumers and the middle-class with deposit counters, currency exchanges and savings accounts. The first branch outside of Zürich was opened in 1905 in Basel
Basel
. The bank helped companies affected by World War I restructuring, and extended loans for reconstruction efforts. During the 1920s depression, net profits and dividends were halved and employees took salary cuts. After World War II, a substantial portion of Credit Suisse's business was in foreign reconstruction efforts. Holocaust survivors had problems trying to retrieve assets from relatives that died in concentration camps without death certificates. This led to a class action lawsuit in 1996 that settled in 2000 for $1.25 billion. The _Agreement on the Swiss Banks' Code of Conduct with Regard to the Exercise of Due Diligence_ was created in the 1970s, after a Credit Suisse
Credit Suisse
branch in Chiasso was exposed for illegally funneling $900 million in Italian deposits to speculative investments.

ACQUISITIONS, GROWTH AND FIRST BOSTON

A logo from 1972

In 1978, White, Weld & Company dropped its partnership with Credit Suisse after it was bought by Merrill Lynch . To replace the partnership with White, Credit Suisse
Credit Suisse
partnered with First Boston to create Credit Suisse
Credit Suisse
First Boston in Europe
Europe
and bought a 44 percent stake in First Boston's US operations. In 1987, the Group acquired the blue chip London
London
stockbrokers Buckmaster "> A logo from 1988

In the late 1990s Credit Suisse
Credit Suisse
executed an aggressive acquisition strategy. The bank acquired Bank
Bank
Leu, known as Switzerland's oldest bank, in 1990. In 1993 Credit Suisse
Credit Suisse
outbid UBS
UBS
for a controlling stake in Switzerland's fifth largest bank, Swiss Volksbank in a $1.1 billion deal. It also merged with Winterthur Group in 1997 for about $9 billion and acquired the asset management division of Warburg, Pincus & Co. in 1999 for $650 million. Donaldson, Lufkin "> Credit Suisse headquarters as of 2009

In the 2000s Credit Suisse
Credit Suisse
executed a series of restructures. In 2002 the bank was consolidated into two entities: Credit Suisse
Credit Suisse
First Boston for investments and Credit Suisse
Credit Suisse
Financial Services. A third unit was added in 2004 for insurance. Credit Suisse
Credit Suisse
restructured again in 2004 under what it calls the "one bank" model. Under the restructuring, every board had a mix of executives from all three divisions. It also changed the compensation and commission models to encourage cross-division referrals and created a "solution partners" group that functions between the investment and private banking divisions. Following the restructure Credit Suisse's private banking division grew 19 percent per year despite the economic crisis. The firm bumped long-time rival UBS
UBS
off the number one position in Euromoney's private banking poll. In 2006, Credit Suisse
Credit Suisse
acknowledged misconduct for helping Iran and other countries hide transactions from US authorities and paid a $536 million settlement. The same year it merged Bank Leu AG, Clariden Holding AG, Bank
Bank
Hofmann AG and BGP Banca di Gestione Patrimoniale into a new company called Clariden Leu.

The increasing importance of sustainability and the related commitments and liabilities of international standards such as the UNGC, of which the bank is a member, lead to an increasingly sophisticated and ambitious risk management over the years. Credit Suisse operates a process which since 2007 uses RepRisk, a Swiss provider of ESG Risk analytics and metrics, to screen and evaluate environmental and social risks of risky transactions and due diligence.

In 2009 Yellowstone Club founder Tim Blixseth sued Credit Suisse
Credit Suisse
when the bank attempted to collect on $286 million in loan debt during Yellowstone's bankruptcy proceedings. The debtor had borrowed more than $300 million for the business, but used a large portion of it for personal use before eventually filing for bankruptcy. Four lawsuits were filed from other resorts seeking $24 billion in damages alleging Credit Suisse
Credit Suisse
created loans with the intention of taking over their properties upon default.

POST FINANCIAL CRISIS

According to _ The Wall Street Journal
The Wall Street Journal
_, " Credit Suisse
Credit Suisse
survived the credit crisis better than many competitors." Credit Suisse
Credit Suisse
had $902 million in writedowns for subprime holdings and the same amount for leveraged loans, but it did not have to borrow from the government. Along with other banks, Credit Suisse
Credit Suisse
was investigated and sued by US authorities for bundling mortgage loans with securities, misrepresenting the risks of underlying mortgages during the housing boom. Following the crisis, Credit Suisse
Credit Suisse
cut more than one-trillion in assets and made plans to cut its investment banking arm 37 percent by 2014. It reduced emphasis on investment banking and focused on private banking and wealth management. In July 2011, Credit Suisse cut 2,000 jobs in response to a weaker than expected economic recovery and later merged its asset management with the private bank group to cut additional costs.

A series of international investigations took place in the early 2000s regarding the use of Credit Suisse
Credit Suisse
accounts for tax evasion. The Brazilian government investigated 13 former and current Credit Suisse employees in 2008. The investigation led to arrests that year and in 2009 as part of a larger crackdown in Brazil. Four Credit Suisse bankers were accused of fraud by the US Justice Department
US Justice Department
in 2011 for helping wealthy Americans avoid taxes. German authorities found that citizens were using insurance policies of a Bermuda-based Credit Suisse subsidiary to earn tax-free interest. In November 2012, Credit Suisse's asset management division was merged with the private banking arm.

In September 2012, the Swiss government gave banks like Credit Suisse permission to provide information to the US Justice Department
US Justice Department
for tax evasion probes. In February 2014 it agreed to pay a fine of $197 million after one of its businesses served 8,500 US clients without registering its activities, leading to suspicion as to whether it was helping Americans evade taxes. It was one of 14 Swiss banks under investigation. Separately, in 2013, German authorities began to probe Credit Suisse, its private bank subsidiary Clariden Leu , and its regional subsidiary Neue Aargauer Bank
Bank
for helping German citizens evade taxes. The bank eventually entered into a €150 million settlement with the government.

In March 2014, Credit Suisse
Credit Suisse
denied claims it had been drawn into a Swiss competition probe investigating potential collusion to manipulate foreign exchange rates by various Swiss and foreign banks. In May 2014, Credit Suisse
Credit Suisse
pleaded guilty to conspiring to aid tax evasion. It was the most prominent bank to plead guilty in the United States since Drexel Burnham Lambert in 1989 and the largest to do so since the Bankers Trust
Bankers Trust
in 1999. " Credit Suisse
Credit Suisse
conspired to help U.S. citizens hide assets in offshore accounts in order to evade paying taxes. When a bank engages in misconduct this brazen, it should expect that the Justice Department will pursue criminal prosecution to the fullest extent possible, as has happened here," Attorney General Eric H. Holder said at the time. Holder also said "This case shows that no financial institution, no matter its size or global reach, is above the law." Credit Suisse
Credit Suisse
shares rose 1% on the day the $2.6 billion penalty was announced.

On 10 March 2015, it was announced that Tidjane Thiam , the CEO of Prudential would leave to become the next CEO of Credit Suisse. In September 2016, Brian Chin was appointed Chief Executive of Global Markets and joined the executive board of the bank. At this time, it was also announced that Eric M. Varvel was appointed president and CEO of Credit Suisse
Credit Suisse
Holdings (USA).

FINANCIAL PRODUCTS

Credit Suisse
Credit Suisse
Products

Wealth management

Estate planning

Insurance

Tax planning

Philanthropy

Investment products

Foreign exchange

Lending

Managed accounts

Real estate

Investment banking

Securities

Equity products

Mborder-left:2px solid;vertical-align:top;text-align:center;">

Fixed income

Mutual funds

Hedge funds

Investment advice.

Credit Suisse
Credit Suisse
endorses a strategy called bancassurance of trying to be a single company that offers every common financial services product. The investment bank is intended for companies and wealthy individuals with more than 50,000 euro.

Credit Suisse
Credit Suisse
developed the CreditRisk+ model of risk assessment in loans, which is focused exclusively on the chance of default based on the exogenous Poisson method. As of 2002 about 20 percent of Credit Suisse's revenue was from its insurance business it gained through the 1997 acquisition of Winterthur. The investment bank's insurance products are primarily popular in the domestic market and include auto, fire, property, life, disability, pension and retirement products among others. Historically 20–40 percent of the bank's revenue has been from private banking services, one of its higher profit-margin divisions.

Credit Suisse
Credit Suisse
produces one of the six hedge funds following European stock indices that are used to evaluate the performance of the markets. The investment bank also has a 30 percent ownership in hedge fund investment firm York Capital Management. York sells hedge funds independently to its own clients, while Credit Suisse
Credit Suisse
also offers them to private banking clients. Credit Suisse
Credit Suisse
manages the financial instruments of the Dow Jones Credit Suisse
Credit Suisse
long/short equity index (originally called Credit Suisse/Tremont Hedge Fund Indexes).

According to a 2011 article in SeekingAlpha, Credit Suisse's investment managers favor financial, technology and energy sector stocks. The bank's head of equity investments in Europe
Europe
said the team focuses on "value with an emphasis on free cashflow." She also has an interest in companies undergoing management changes that may influence the stock price. According to a story in the _ Wall Street Journal
Wall Street Journal
_, the head of Credit Suisse's International Focus Fund keeps a portfolio of only 40–50 stocks, instead of the industry-norm of more than 100. Credit Suisse
Credit Suisse
publishes its investment advice in four publications: _Compass, Viewpoints, Research_ and the _ Credit Suisse
Credit Suisse
Investment Committee Report_.

REPUTATION AND RANKINGS

Credit Suisse
Credit Suisse
is a member of Wall Street
Wall Street
's bulge bracket , a list of less than a dozen of the largest and most profitable banks. The company has been identified as one of the world's most important banks, upon which international financial stability depends. The bank is also one of _ Fortune Magazine 's_ most admired companies.

Credit Suisse
Credit Suisse
has been recognized as the world's best private bank by _ Euromoney '_s Global Private Banking Survey and as the best European Equity Manager by _Global Investors_. In polls by _Euromoney_, it has been ranked as the top private bank and the best bank in Switzerland. As of 2004, Credit Suisse
Credit Suisse
was first in volume of high-yield transactions, second for corporate high-yield bond insurance and third for IPO underwriting. The Securities Data Company ranked Credit Suisse as the fourth best place for financial advice for mergers and acquisitions in the US in 1995 and sixth for domestic equity issues. Credit Suisse
Credit Suisse
has been recognized by the Asset
Asset
Triple A Awards. In 2005 Credit Suisse
Credit Suisse
was ranked as the second best prime broker by _Institutional Investor _.

WORK ENVIRONMENT

Credit Suisse
Credit Suisse
is more internationally minded than most European banks. According to WetFeet's Insider Guide, Credit Suisse
Credit Suisse
offers more travel opportunities, greater levels of responsibility and more client interaction than new employees get at competing firms, but is known for long hours. Analysts report 60- to 110-hour work-weeks.

Roles and responsibilities are less stringent and the environment is pleasant despite hours being "the most grueling on Wall Street." Vault's Insider's Guide reached similar conclusions, noting above-average training, executive access and openness matched with reports of 80- to 100-hour work-weeks.

SEE ALSO

* Banco Garantia * European Financial Services Roundtable * First Boston Corporation

REFERENCES

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Credit Suisse
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Credit Suisse
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Credit Suisse
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Credit Suisse
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