A string of scandals, top management changes, multibillion-dollar losses, and an uninspiring strategy can be blamed for the mess that the 167-year-old Credit Suisse now finds itself in.
On the precipice: How Credit Suisse’s day of drama unfoldedCredit Suisse has said it would borrow up to $54 billion to shore up liquidity and investor confidence but some analysts believe that is unlikely to be enough to soothe investors.
In the early days of the global financial crisis in 2008, UBS took on Singapore sovereign wealth fund GIC as an investor but the stake sell-down ultimately resulted in a loss for GIC.
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TIMELINE: How Credit Suisse has evolved over 167 yearsFrom 1856 to 2023, here is an overview of the history of Credit Suisse.
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Large U.S. banks view Credit Suisse exposure as manageable, say sourcesLarge U.S. banks have managed their exposure to Credit Suisse in recent months and view risks from the lender as contained so far, according to three industry sources who declined to be identified because of the sensitivity of the situation. | Reuters
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Wall Street down as Credit Suisse sparks fresh bank selloffU.S. stocks pared losses late on Wednesday but the Dow and S&P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller U.S. rate hike this month. | Reuters
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European banks battered as Credit Suisse drops 20%Shares in European banks got pummeled again on Wednesday, as Credit Suisse plunged to fresh record lows after the lender’s biggest shareholder said it could not raise its 10 percent stake citing regulatory issues. | Reuters
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Credit Suisse shares crash as Saudi investor rules out more fundsShares of Credit Suisse crashed more than 20% Wednesday to a new record low after its biggest backer appeared to rule out providing any more funding for the embattled Swiss lender.
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Swiss central bank throws financial lifeline to Credit Suisse after shares pummeledCredit Suisse leads a rout in European bank shares on Wednesday, March 15, as its largest investor says it cannot provide more financial assistance because of regulatory constraints.
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