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Credit Suisse, a Swiss Bank, Collapsed. The Second Big Bank After SVB

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Credit Suisse
Credit Suisse, a Swiss Bank, Collapsed. The Second Big Bank After SVB

Credit Suisse has been in the news recently due to its financial troubles and job cuts. The bank is cutting thousands of jobs and restructuring its business in an attempt to stem heavy losses and investor concerns. After scandals in recent years and a SF4bn ($4bn, £3.5bn) loss in the most recent quarter, the bank said it was taking “a series of decisive actions”. 

The Swiss bank, which at the end of 2022 employed just over 50,000 people, was already in the middle of a wide-ranging job-cutting drive, with 4,000 positions slashed so far this year.

UBS Saves Credit Suisse

UBS rescued Credit Suisse bank from collapse by agreeing to buy it for 3 billion Swiss francs and assuming up to $5.4 billion in losses. However, the deal came at a cost as UBS announced the wipeout of Credit Suisse’s additional tier 1 bonds, resulting in a loss of 16 billion Swiss francs for investors.

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NOTE: Photo above is from CreditSuisse Website

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