Credit Suisse
Management
- Urs Rohner ( Chairman )
- Brady W. Dougan (CEO)
Credit Suisse AG ( CS) - formerly Schweizerische Kreditanstalt SKA - is one of the largest global financial services company headquartered in Zurich.
The Bank is one of the 28 major banks that have been classified by the Financial Stability Board (FSB) as " systemically important financial institution " ( systemically important financial institution). Therefore it is subject to special monitoring and stringent requirements on the level of equity.
Business
Credit Suisse has a large bank in the world around 47,400 employees, including about 21,000 in Switzerland (as of December 2012). The Bank has 2 million retail customers, more than 100,000 corporate clients, and employs for their support client advisors in 2100. The company is divided into the categories of investment banking, private banking and asset management. By the end of 2012, Credit Suisse had a balance sheet total of 924.2 billion Swiss francs and a net profit of 1.349 billion francs. Assets under management amounted to 1,250, 8 billion Swiss francs. CEO of Credit Suisse Group is Brady W. Dougan; Chairman of the Board since April 29, 2011 Urs Rohner, who replaced Mr. Doerig. Honorary President, Rainer E. Gut.
The Credit Suisse shares are as Credit Suisse Group AG ( CSGN) on the Swiss Exchange SIX Swiss Exchange and, as American Depositary Share ( CS) on the New York Stock Exchange ( NYSE) listed.
Credit Suisse operates as a universal bank with investment banking, private banking and asset management (asset management). To the Credit Suisse group include the New Aargau Bank and specialized in personal loans and leasing Bank-now. In addition, Credit Suisse Group is active through its subsidiary Wincasa in real estate.
History
On July 5, 1856 Alfred Escher founded the Schweizerische Kreditanstalt ( SKA ) - today's Credit Suisse - Zurich, paving the leading banking center and business center of Switzerland. The headquarters of the SKA is located since 1873 at the parade ground in the center of Zurich. 1895 launched the SKA, the " securities exchanges ", which is considered as the first regularly published Bank publication in the world. 1944 it is renamed to " bulletin " and since then has addressed to clients, stakeholders and other interested magazine of the Bank.
With the opening of the first store in Basel 1905, the expansion of the SKA in Switzerland, which took place mainly through the acquisition of regional banks started. The first stores in the French- and Italian-speaking Switzerland were opened in 1913 in Geneva and Lugano in 1906.
After the opening of its first office in New York in 1870, the SKA as in Paris (1910 ), London ( 1954), Buenos Aires ( 1959), Hong Kong (1969 ) and Bahrain (1975 ) founded the world at various locations representations, first under SKA International. 1964 was a branch of the SKA in New York a license as a universal bank in the United States.
The " Chiasso " brought 1977, the SKA the largest loss in its history a. Here, the head of the SKA branch of Chiasso Ticino, with the support of lawyers and politicians for years funds from Italy had moved illegally to Liechtenstein. Under the pressure of this crisis, the SKA broke on to pastures new and changed into the sequence from Zurich tradition Institute for international financial services.
The cooperation of the SKA with First Boston Corporation founded in 1932 as a subsidiary of First National Bank of Boston began in 1978. 1988 was the CS First Boston Inc. in New York. CS Holding was created in 1982 as a sister company of the SKA to combine different investments. In 1989, the SKA has been integrated as a subsidiary in the CS Holding. In 1990, the CS Holding the majority control of the CS First Boston and became the first non-American company with a majority stake in a U.S. investment bank. 1992, the SKA separated by a management buy -out from the audit and consulting firm KPMG Fides Peat (now KPMG ), where it was a majority shareholder since 1928.
Among the most recent major acquisitions of the SKA in Switzerland include the acquisitions of Bank Leu 1990 and the Swiss People's Bank in 1993. Swiss Volksbank (then unique as a cooperative and not structured as AG) was then the fourth largest bank in Switzerland, while the SBG (Swiss banking company ) and Swiss Bank corporation (SBC ), the positions occupied 1 and 2. UBS and SBC merged later to today's UBS.
In 1996, the CS Holding and Winterthur, to form an alliance in order to open joint sales opportunities for their products. Credit Suisse, Credit Suisse Private Banking, Credit Suisse First Boston and Credit Suisse Asset Management: 1997 CS Holding Credit Suisse Group with four business units was. In the same year the merger between Credit Suisse Group and Winterthur took place.
2004, the Group announced that from now on to Winterthur as a financial investment and prepare for a potential capital transaction. On 14 June 2006, the sale of Winterthur to the French AXA Group was announced.
Since 1 January 2006, Credit Suisse acts as an integrated global bank with three divisions - Investment Banking, Private Banking, Asset Management - under a single brand name Credit Suisse. On 1 January 2007, all former Credit Suisse daughters in private banking for Clariden Leu, the fifth largest retail bank in Switzerland were pooled. 2012, Clariden Leu was merged with Credit Suisse.
During the financial crisis in 2007, the Bank was able to ensure its continued existence without direct government support. After the G -20 summit in 2009, Credit Suisse changed its remuneration guidelines.
2010 moved the bank in Germany in the focus of investigations by the German law enforcement authorities in connection with the purchase of a tax - CD with records of suspected tax evaders by the state of North Rhine -Westphalia for alleged aid of employees for tax evasion. In September 2011, Credit Suisse agreed with prosecutors Dusseldorf. For a payment of 150 million euros (about 181 million francs), the prosecution's investigation against the bank's employees. Such requests terminating the proceeding filed the Prosecutor at the Regional Court Dusseldorf. In this context, an internal power-point presentation of the financial services firm was known, stating the that Credit Suisse itself assumes that more than 80 percent of their German customers seem to have created untaxed money.
2010, 2011 and 2012 was awarded to the best private bank in the world, Credit Suisse from Euro Money Magazine. Euro Money has given these awards based on the results of their annual private banking survey.
In July 2012, it was announced through press reports that in Germany run against several thousand German customers of the bank, which were supervised from Switzerland, investigations. They are accused of using bogus insurance policies, so-called insurance wrappers (insurance coats ) to have vorbeigeschleust billions of euros to the German tax authorities. The products were developed by the subsidiary Credit Suisse Life & Pensions in Bermuda and offered from 2004 /05 to 2009. Against the Bank is not detected.
The dispute with the U.S. regulatory authority Federal Housing Finance Agency ( FHFA ), as conservator of the mortgage lenders Fannie Mae and Freddie Mac to Credit Suisse agreed on 22 March 2014 in comparison to the payment of 885 million U.S. dollars. Thus, claims of two actions for false or incomplete information on the sale of residential mortgage- backed securities ( RMBS ) of around 16.6 billion U.S. dollars between 2005 and 2007 were settled.
Logo
On The insignia of the SKA of 1856 - peppy written lettering SKA - followed in 1930 money coins symbol with 20 stars for the branches and the headquarters. The new brand from 1952 contained the first time an image; it shows an anchor as a symbol of trust, surrounded by Anchored in the trust up and Schweizerische Kreditanstalt below.
1967 launched the Bank their first systematic advertising campaign. 1968 Wermelinger Cross was chosen as the new logo of a broad-based competition.
In 1976, the SKA turn a new logo with the colors red, white and blue. In 1997, the logo was revised and modernized. In 2006, Credit Suisse occasion of its 150th anniversary, the current logo.
Criticism
1997, Credit Suisse set up together with the Swiss Bank Corporation and Union Bank of Switzerland (1998 merged to form UBS) to international pressure, a fund to compensate Holocaust victims one. The banks were accused of store credit worth several hundred million U.S. dollars, the German National Socialists had stolen Jewish citizens and deposited in Switzerland. See also procedure to Jewish assets in Swiss banks.
2007 criticized human rights and environmental organizations, Credit Suisse, as they financed the IPO of Malaysian timber company Samling in Hong Kong, along with other banks. Environmentalists throw Samling before the destruction of rain forests and illegal logging and request that Credit Suisse provides the estimated 10 million dollars in profits from the business for the protection of the rainforests. Credit Suisse believes to have this relationship fully verified, in particular with regard to sustainable forest management and compliance with local environmental regulations by Samling.