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TLDR - Credit Suisse has been a sh*t show for over a decade. This has been coming for a while. Credit Suisse is in investment banking and wealth management. It

by rluhar 4y ago

TLDR - Credit Suisse has been a sh*t show for over a decade. This has been coming for a while. Credit Suisse is in investment banking and wealth management. It does not have a significant retail presence (EDIT - outside of Switzerland). Credit Suisse has also had a number of accounting, risk management, and other scandals over the last few years. They were bailed out late last year by a fund linked with Saudi Arabia who took a ~10% stake in the company. Today, they (the Saudi fund) refused to inject more capital and the shares have collapsed.

esja 4y ago
What? CS has a massive retail bank. It’s their most profitable division and has existed for 150+ years.
- rluhar 4y ago
  Wealth Management is not the same as retail banking. "The Wealth Management division offers comprehensive wealth management and investment solutions and tailored financing and advisory services to ultra- high-net-worth (UHNW) and high- net-worth (HNW) individuals and external asset managers" Reference: https://www.credit-suisse.com/about-us/en/our-company/structure-strategy/business-divisions.html https://www.credit-suisse.com/about-us/en/our-company/struct...
  - esja 4y ago
    How is that relevant? You said: "It does not have a significant retail presence." Meanwhile, CS does have a massive retail presence, in Switzerland, and has done for 150+ years.
    - rluhar 4y ago
      Fair enough. I stand corrected. Thank you.
  - deleted 4y ago
    [deleted]
rscho 4y ago
Crédit Suisse has a major retail presence in Switzerland, at least.