The Stream of Scandals Behind Credit Suisse’s Downfall
News analysis
The collapse of Credit Suisse, the Swiss banking giant that ended its 167-year history on Monday morning in a state-sponsored takeover by rival bank UBS, was not the result of mismanaging liquidity or interest rate risk like Silicon Valley Bank, but rather death by a thousand self-inflicted cuts.
The past decade featured an endless parade of costly, headline-grabbing stumbles and scandals, including criminal money laundering, involvement in drug trafficking, wire fraud, spying on employees, client lawsuits, and even violating quarantine protocols when the bank’s CEO flew to England to attend Wimbledon in the midst of the COVID pandemic….