Credit Suisse

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  Credit Suisse Group AG
logo
Country SwitzerlandSwitzerland Switzerland
Seat Zurich
legal form Corporation
ISIN CH0012138530
IID 4866
BIC CRESCHZHXXX
founding 1997 (July 5, 1856)
Website www.credit-suisse.com
Business data 2018
Total assets CHF 768.9 billion
Employee 45,680
management
Corporate management
Headquarters at Paradeplatz in Zurich

The Credit Suisse Group AG , in short CS , (formerly Schweizerische Kreditanstalt , shortly SKA ) is a Swiss major bank and one of the largest global financial services company headquartered in Zurich . The actual banking business is handled by the subsidiary Credit Suisse AG ( IID 4866) and the Swiss business since November 2016 by Credit Suisse (Switzerland) AG (IID 4835).

The Bank is one of 30 systemically important large banks , by the Financial Stability Board (FSB) as a systemically important financial institution ( systemically important financial institution were classified). It is therefore subject to special monitoring and stricter requirements for the endowment with equity . The supervisory function is carried out by the Swiss Financial Market Supervisory Authority (FINMA).

Companies

The big bank employs around 47,000 people (December 31, 2017), including around 16,000 full-time positions in Switzerland. The bank has 2 million private customers and more than 100,000 corporate customers and employs around 3,600 customer advisors to look after them. The company is divided into investment banking , private banking and asset management . At the end of 2014, Credit Suisse had total assets of 921.4 billion Swiss francs and a net profit of 2.105 billion francs. Client assets amounted to 1,377.3 billion Swiss francs.

The Credit Suisse shares 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 . In 2018, Credit Suisse paid a dividend of CHF 0.25.

Credit Suisse operates as a universal bank in the areas of investment banking, private banking and asset management (real estate management). The Credit Suisse Group includes the Neue Aargauer Bank and Bank-now, which specializes in personal loans and leasing . In addition, the Credit Suisse Group is active in the international multibank and service bureau market with its subsidiary Fides Treasury Services AG . Swisscard AECS GmbH is a joint venture between Credit Suisse and American Express . When mobile payment is Credit Suisse on Samsung Pay , Swatch Pay and TWINT . This was followed by Apple Pay and Google Pay . As part of the revised Payment Services Directive (PSD2) , Credit Suisse plans to use the SIX Open Banking Hub to enable third-party providers to access the bank account data. In order to compete with the new direct banks , the “Direct Banking” unit was founded in 2019.

Corporate management

Chairman of the Executive Board of Credit Suisse Group since February 2020 Thomas Gottstein . He succeeded Tidjane Thiam (2015-2020), who had replaced Brady W. Dougan (2007-2015). Urs Rohner , who replaced Hans-Ulrich Doerig , has been Chairman of the Board of Directors since April 29, 2011 . Honorary President is Rainer E. Gut .

Board of Directors

Board of Directors of Credit Suisse Group AG
Surname function
Urs Rohner President, Chair of the Governance and Nominations Committee, Chair of the Conduct and Financial Crime Control Committee
Iris Bohnet Member of the Compensation Committee
Christian Gellerstad
Andreas Gottschling Chair of the Risk Committee , member of the Governance and Nominations Committee, member of the Audit Committee
Alexander Good Member of the Audit Committee
Michael Klein Member of the Risk Committee
Shan Li Member of the Compensation Committee
Seraina Macia Member of the Risk Committee
Kai S. Nargolwala Chair of the Compensation Committee , member of the Governance and Nominations Committee, member of the Conduct and Financial Crime Control Committee
Ana Paula Pessoa Member of the Audit Committee, Member of the Conduct and Financial Crime Control Committee
Joaquin J. Ribeiro Member of the Audit Committee
Severin Schwan Vice President & Lead Independent Director , Member of the Governance and Nominations Committee, Member of the Risk Committee
John Tiner Chair of the Audit Committee , member of the Governance and Nominations Committee, member of the Risk Committee, member of the Conduct and Financial Crime Control Committee

Management

Management of Credit Suisse Group AG
Surname function
Thomas Gottstein Chief Executive Officer
Business Divisions / Regions
David L. Miller CEO Investment Banking & Capital Markets
Brian Chin CEO Global Markets
André Helfenstein CEO of Swiss Universal Bank and Credit Suisse (Switzerland) AG
Philipp Wehle CEO International Wealth Management
Helman Sitohang CEO Asia Pacific
Shared services
James B. Walker Chief Operating Officer
Romeo Cerutti General Counsel
Lydie Hudson Chief Compliance Officer
David Mathers Chief Financial Officer
Antoinette Poschung Global Head of Human Resources
Lara J. Warner Chief Risk Officer

history

The Swiss Credit Authority (SKA), 1895

Schweizerische Kreditanstalt (SKA), 1856

SKA share dated May 31, 1898 for CHF 500

On July 5, 1856, Alfred Escher founded the Schweizerische Kreditanstalt (SKA) - today's Credit Suisse - together with Allgemeine Deutsche Kreditanstalt , which held 50% of the equity, making Zurich the leading banking location and economic center of Switzerland. The SKA headquarters has been located at Paradeplatz in the center of Zurich since 1873 . In 1895, the SKA launched the securities course sheet , which is considered to be the world's first regular bank publication. In 1944 it was renamed bulletin and has since been the bank's magazine aimed at customers, stakeholders and other interested parties.

With the opening of the first branch in Basel in 1905, the expansion of SKA in Switzerland began, which mainly took place through the takeover of regional banks. The first branches in French- and Italian-speaking Switzerland were opened in Geneva in 1906 and in Lugano in 1913 .

After opening the first agency in New York in 1870, SKA set up agencies at various locations around the world, for example in Paris (1910), London (1954), Buenos Aires (1959), Hong Kong (1969) and Bahrain (1975), initially under SKA International . In 1964, SKA's New York branch was licensed as a universal bank in the United States .

The "Chiasso case" - uncovered by Max Mabillard and Roger de Weck - brought SKA the biggest loss in its history in 1977. The heads of the SKA branch in Chiasso, with the support of Ticino lawyers and politicians, had illegally moved funds from Italy to Liechtenstein for years . Under the pressure of this crisis, the SKA set out for new shores and subsequently transformed from a traditional Zurich institute into an international financial services provider.

CS Holding, 1982

The cooperation between SKA and First Boston Corporation , founded in 1932 as a subsidiary of the First National Bank of Boston , began in 1978. In 1988, CS First Boston Inc. was founded in New York. The CS Holding was established in 1982 as a sister company of Credit Suisse, to summarize various investments. In 1989 SKA was integrated into CS Holding as a subsidiary. In 1990, CS Holding gained majority control of CS First Boston and became the first non-American company to have a majority stake in a US investment bank. In 1992, through a management buyout, SKA separated from the auditing and consulting firm KPMG Fides Peat (now KPMG AG ), in which it had held a majority stake since 1928.

The most recent important takeovers of SKA in Switzerland include the acquisitions of Bank Leu in 1990 and Schweizerische Volksbank in 1993. Schweizerische Volksbank (then uniquely structured as a cooperative and not as an AG) was the fourth largest bank in Switzerland at the time, while the SBG (Schweizerische Volksbank) Bankgesellschaft) and the Swiss Bank Corporation (SBV) held positions 1 and 2. SBG and SBV later merged to form today's UBS .

Credit Suisse Group, 1997

In 1996 CS Holding and Winterthur decided to enter into an alliance in order to develop joint sales opportunities for their products. In 1997, CS Holding became the Credit Suisse Group with four business units: Credit Suisse, Credit Suisse Private Banking, Credit Suisse First Boston and Credit Suisse Asset Management (real estate management). In the same year, Credit Suisse Group and Winterthur merged.

In 2004 the group announced that it would henceforth manage Winterthur as a financial investment and prepare for a possible capital transaction. On June 14, 2006, the sale of Winterthur to the French AXA Group was announced.

Since January 1, 2006, Credit Suisse has been operating as an integrated global bank with three business areas -  investment banking , private banking , real estate management - under a single brand name Credit Suisse . On January 1, 2007, all previous Credit Suisse subsidiaries in the private banking sector were merged to form Clariden Leu , the fifth largest private customer bank in Switzerland. In 2012 Clariden Leu was merged with Credit Suisse.

During the financial crisis from 2007 onwards , the bank was able to ensure its continued existence without direct government support. After the G-20 summit in 2009 , Credit Suisse changed its compensation guidelines.

In 2010, the bank in Germany became the focus of investigations by the German law enforcement authorities in connection with the purchase of a tax CD with data records of alleged tax evaders by the state of North Rhine-Westphalia because of alleged aiding and abetting of employees in tax evasion . In September 2011, Credit Suisse reached an agreement with the Düsseldorf public prosecutor. In return for a payment of 150 million euros (approx. 181 million francs), the public prosecutor's office closed the investigation against the bank's employees. The public prosecutor's office submitted corresponding applications to the Düsseldorf Regional Court to terminate the proceedings . In this context, an internal PowerPoint presentation by the financial services company became known from which it emerges that Credit Suisse itself assumes that more than 80 percent of its German customers have apparently invested untaxed money.

In 2010, 2011 and 2012, Credit Suisse was named the best private bank worldwide by Euromoney magazine . Euromoney made these awards based on the results of its annual private banking survey.

In July 2012, it was announced through press reports that investigations were underway in Germany against several thousand German customers of the bank, who were served from Switzerland. They are accused of using bogus insurance policies, so-called insurance wrappers ( insurance coats to have vorbeigeschleust the German tax authorities), billions of euros. The products were developed by the subsidiary Credit Suisse Life & Pensions in Bermuda and offered from 2004/05 to 2009. There is no investigation against the bank.

In a legal dispute with the US regulatory authority Federal Housing Finance Agency (FHFA) as the curator of mortgage lenders Fannie Mae and Freddie Mac , Credit Suisse reached an agreement on March 22, 2014 in a settlement for the payment of 885 million US dollars. It settled claims from two lawsuits for false or incomplete information in the sale of residential mortgage-backed securities (RMBS) for approximately $ 16.6 billion between 2005 and 2007.

On May 20, 2014, Credit Suisse pleaded guilty to the United States for aiding and abetting tax evasion by American citizens and prepared out of court to pay a fine totaling $ 2.815 billion, including $ 2 billion to the US Department of Justice.

Credit Suisse (Switzerland) AG, 2016

In November 2016, due to the Too-Big-To-Fail regulations of the Swiss Financial Market Authority, the Swiss business was transferred to the newly founded Bank Credit Suisse (Schweiz) AG , for which a partial IPO was originally planned in 2018. This new bank took over the previous institution identification 4835 and the BIC CRESCHZZXXX from Credit Suisse AG .

Former Credit Suisse logo, 1997–2006

The SKA's first signet from 1856 - the bold SKA lettering - was followed in 1930 by a coin symbol with 20 stars for the branches and headquarters. The new trademark from 1952 contained an image for the first time; it shows an anchor as a symbol of trust, surrounded by Anchored in trust above and Schweizerische Kreditanstalt below.

In 1967 the bank launched its first systematic advertising campaign. In 1968 the Wermelinger Cross was chosen as the new logo from a wide-ranging competition .

In 1976, SKA again introduced a new logo with the colors red, white and blue. In 1997 the logo was revised and modernized. In 2006, Credit Suisse introduced today's logo to mark its 150th anniversary.

criticism

This article or the following section is not adequately provided with supporting documents ( e.g. individual evidence ). Information without sufficient evidence could be removed soon. Please help Wikipedia by researching the information and including good evidence.

In 1997, Credit Suisse, together with the Swiss Bank Corporation and the Swiss Bank Corporation (merged to UBS in 1998 ), in response to international pressure, set up a fund to compensate Holocaust victims. The banks were accused of storing assets worth several hundred million US dollars , which German National Socialists stole from Jewish citizens and deposited in Switzerland. See also proceedings for Jewish assets at Swiss banks .

In 2007, human rights and environmental organizations criticized Credit Suisse for financing the IPO of the Malaysian timber company Samling in Hong Kong together with other banks . Environmentalists accuse Samling of the destruction of rainforests and illegal logging and demand that Credit Suisse provide the estimated $ 10 million profit from the business for the protection of the rainforests. Credit Suisse is of the opinion that it has comprehensively reviewed this business relationship, especially with regard to sustainable forest management and Samling's compliance with local environmental regulations.

In 2016, a loan scandal in Mozambique became public. In 2013 Credit Suisse London entered into fraudulent credit transactions with Mozambique. Credit Suisse is involved in this scandal with a billion dollar loan. Three former CS London investment bankers were tried on a jury trial in New York. They are said to have diverted around $ 200 million for personal gain and bribes from the loans that were actually intended to finance maritime projects in Mozambique.

Since the end of 2016, Credit Suisse has been criticized for its co-financing and advice to the operating companies of the controversial Dakota Access Pipeline (DAPL). The North Dakota to Illinois pipeline runs through the tribal areas of the Sioux ; If there is a leak, there is a risk that the drinking water in the region will be contaminated. A contribution to the information program “10 vor 10” on February 22, 2017 revealed that Credit Suisse plays a key role in the financing of DAPL and the companies behind it. Credit Suisse emphasizes that it is not involved in the project financing of the Dakota Access Pipeline, but, like many other banks, has business relationships with companies involved in the DAPL project. Other financial institutions such as the Norwegian bank DNB and the Dutch ABN AMRO have terminated their business relationships with the companies involved because of the criticism of the project regarding human rights and the environment.

At the 2015 Annual General Meeting, Credit Suisse promised to closely review business with the Indonesian group Asia Pacific Resources International (April). The paper manufacturer is involved in the overexploitation of rainforests in Indonesia . Four months after this announcement, the next 50 million loan was already granted. This despite the fact that huge fires spread in Indonesia in the summer of 2015. According to documents from the Paradise Papers , Credit Suisse granted loans to April in 2005, 2007, 2010, 2011, 2013 and 2015. The sums are typically $ 50 million per transaction. The loans flow through a network of offshore companies for tax optimization .

According to a study by the Bread for All Foundation , no other bank has contributed as much to the financing of the palm oil business as Credit Suisse. Mainly through the investment bank helping companies raise capital. With the support of Credit Suisse, for example, US $ 900 million flowed to the palm oil producers and processors examined, although the bank has committed itself to social and environmental considerations in sustainability standards.

With the Nordic Wind Power DA consortium , Credit Suisse and BKW own 40% of the Fosen Vind wind farm in Norway ; a joint venture with Statkraft . The handling of the indigenous seeds is criticized .

Protest in front of Credit Suisse on Bundesplatz as part of a 2019 climate rally

In the wake of climate change and the climate strike movement , Credit Suisse was criticized for investing a lot of money in fossil fuels. In an undated document, CS stated: "Credit Suisse recognizes its shared responsibility in combating climate change by supporting the transition to a low-carbon and climate-resilient economy".

On November 22nd, 2018, twelve climate activists protested a branch of CS in Lausanne for an hour and a half. Disguised as tennis players, they criticized the “hypocrisy of a bank that uses the positive reputation of Roger Federer in its campaigns and at the same time pursues an environmentally harmful investment policy”. The bank filed a complaint and the process of the Lausanne climate protest on November 22, 2018 began . In January 2020, the activists were acquitted by a single judge. The latter found that the activists' approach to the climate catastrophe was "necessary and appropriate". The verdict was sharply criticized by criminal law experts. The public prosecutor appealed.

literature

Web links

Commons : Credit Suisse  - collection of images, videos and audio files

Individual evidence

  1. ↑ a b Entry in the bank master of Swiss Interbank Clearing
  2. ↑ Annual Report 2018 (PDF) Credit Suisse, accessed March 30, 2019 .
  3. ↑ Credit Suisse: Our Management> Executive Board. Retrieved May 2, 2020 .
  4. ↑ Credit Suisse: Accessed May 2, 2020 .
  5. ↑ credit-suisse.com media release on the launch of Credit Suisse (Schweiz) AG.
  6. ^ Policy Measures to Address Systemically Important Financial Institutions. In: Financial Stability Board (FSB) of November 4, 2011 (PDF; 105 kB).
  7. ↑ Update of group of global systemically important banks (G-SIBs) - (PDF; 43 kB) from November 1, 2012.
  8. ↑ a b Our company. Retrieved February 23, 2019 .
  9. ↑ Credit Suisse President Urs Rohner: “Switzerland should soon conclude an agreement with the EU”. Retrieved on February 23, 2019 (Swiss Standard German).
  10. ↑ Key financial figures 5 years. (No longer available online.) Credit Suisse, 2014, archived from the original on February 14, 2015 ; accessed on February 14, 2015 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.credit-suisse.com
  11. ↑ Credit Suisse Group AG in: SIX Swiss Exchange .
  12. ↑ Credit Suisse dividend 2018
  13. ↑ Privacy Statement. In: Fides. Retrieved on February 23, 2019 (German).
  14. ↑ The Swisscard AECS GmbH - Swisscard AECS. Retrieved February 23, 2019 .
  15. ↑ Credit Suisse integrates Samsung's payment service - where's Apple Pay? In: watson.ch . April 15, 2019, accessed April 15, 2019 .
  16. ↑ Mobile Payment. In: credit-suisse.com. Retrieved September 4, 2019 .
  17. ↑ Samuel Gerber: These big banks are starting with SIX Open Banking first. In: finews.ch . May 15, 2019, accessed May 19, 2019 .
  18. ^ Daniel Imwinkelried: A challenge from Credit Suisse. In: nzz.ch . August 26, 2019, accessed September 4, 2019 .
  19. ↑ General Meeting of Credit Suisse Group AG: All proposals of the Board of Directors accepted. Urs Rohner succeeds Hans-Ulrich Doerig as Chairman of the Board of Directors. Press release from April 29, 2011
  20. ^ Rainer E. Gut on the Credit Suisse website.
  21. ↑ Board of Directors. Retrieved February 23, 2019 .
  22. ↑ Management. Retrieved February 23, 2019 .
  23. ↑ Joseph Jung: From the Schweizerische Kreditanstalt to the Credit Suisse Group. A banking story . NZZ-Verlag, Zurich 2000, ISBN 978-3-85823-815-3 .
  24. ↑ How Ticino was colonized. In: WochenZeitung.
  25. ↑ PM of October 20, 2009.
  26. ↑ Public prosecutor has Credit Suisse branches searched ( memento from February 4, 2011 on WebCite ) in: Tagesschau (ARD) from July 14, 2010.
  27. ↑ Credit Suisse is buying its way in Germany. In: NZZ Online . September 19, 2011.
  28. ↑ Credit Suisse Group and Düsseldorf Public Prosecutor reach agreement. Credit Suisse press release of September 19, 2011.
  29. ↑ Hans Leyendecker : Swiss data crime thriller. In: Süddeutsche Zeitung. April 2, 2012, p. 5.
  30. ↑ Private Banking Awards 2011 In: Credit Suisse, accessed February 4, 2011.
  31. ↑ Credit Suisse retains private banking crown in benchmark Euromoney private banking survey in: euromoney.com, accessed on February 4, 2011.
  32. ↑ Zoé Baches: Questions about the raids on CS in Germany. In: Neue Zürcher Zeitung . July 12, 2012.
  33. ↑ Dispute over US mortgages: Credit Suisse has to pay $ 885 million. In: Der Spiegel ( spiegel.de ).
  34. ↑ Credit Suisse settles legal dispute with FHFA - charge 275 million CHF (additional) . In: Neue Zürcher Zeitung . 2014 ( nzz.ch ).
  35. ↑ credit-suisse.com
  36. ↑ Credit Suisse is to compensate primeval forest peoples with 10 million dollars ( memento of May 22, 2008 in the Internet Archive ) in: Bruno Manser Fund of May 3, 2007, archive version.
  37. ↑ Ex-employees of Credit Suisse charged with Mozambique affair. In: nzz.ch . January 4, 2019, accessed January 8, 2020 .
  38. ^ Thomas Kesselring: Mozambique financial scandal in: infosperber
  39. ↑ CS criticized for credit for controversial oil pipeline. Retrieved April 27, 2017 .
  40. ↑ credit-suisse.com
  41. ↑ DNB sells stakes in Dakota Access Pipeline. Retrieved April 27, 2017 .
  42. ↑ The situation regarding the Dakota Access Pipeline is being monitored closely. Retrieved April 27, 2017 .
  43. ↑ Credit Suisse is helping to finance rainforest harvesters. In: BaslerZeitung. November 12, 2017.
  44. ↑ Churches are targeting Credit Suisse. In: Der Bund , March 7, 2017, accessed on November 12, 2017.
  45. ↑ Swiss investment displaces indigenous people. In: srf.ch . December 11, 2018, accessed December 14, 2018 .
  46. ↑ Matthew Allen: CHF 1900 billion - this is how much banks have invested in "dirty energy". In: swissinfo.ch. March 27, 2019, accessed January 6, 2020 .
  47. ↑ CS climate statement ( PDF , English), translation according to swissinfo.ch
  48. ^ Antonio Fumagalli, Renens: “Justifying Emergency”: Climate activists acquitted after a protest at Credit Suisse in Lausanne | NZZ . In: Neue Zürcher Zeitung . ( nzz.ch [accessed on January 16, 2020]).
  49. ↑ Action against the CS - Twelve climate activists acquitted. In: srf.ch. January 13, 2020, accessed January 16, 2020 .
  50. ↑ Why experts hold their heads after the climate activists have been acquitted. watson.ch, January 15, 2020.
  51. ↑ «That would lead to chaos» - why the Vaudois judgment is difficult to understand for criminal law experts. NZZ.ch, January 14, 2020.
  52. ^ Criminal lawyer Niggli criticizes acquittal for climate activists. In: Luzerner Zeitung , January 18, 2020

Coordinates: 47 ° 22 '11.8 "  N , 8 ° 32' 19.1"  E ; CH1903:  683084  /  247148