Rarely does a week go by that I don’t mention, in my press review daily, of a new affair which shakes the reputation of the famous Swiss bank. More or less resounding, these cases are always, to say the least, quite tasty? I give you here without detour the most significant events of this series (non-exhaustive).
- Last year, Credit Suisse was hard hit by the two financial affairs the most sensational of the year: the bankruptcy of Greensill Capital and the fiasco of Archegos Capital.
- In August 2021, we learned that the lender would be tried for its role in the 2013 tuna bond scandal. What role? Credit Suisse helped arrange $2 billion in loans and bond issues, to finance maritime projects in Mozambique, which were concealed from the IMF and other donors to the country, who subsequently cut off their aid to the country. Mozambique.
- In November 2021, the bank revealed that its CEO António Horta-Osório, freshly arrived to restore the image of the group, twice violated his Covid quarantine imposed in Switzerland, to leave the country by plane, and took his hand in the bag, even as he urged his employees to better manage risks and play by the rules when he arrived in April. He resigned in January 2022.
- After this resignation, the Swiss bank discovered that it paid for the empty returns of the jets which took this same president to London or Lisbon, not only for business trips.
- In December 2021, the European Union imposed on Credit Suisse as well as on Barclays, HSBC and NatWest, 344 million euros, for their role in the cheating affair of the foreign exchange market.
- In February 2022, Credit Suisse was accused of having securitized a portfolio of loans linked to the yachts and private jets of its wealthiest clients, using derivatives to offload the risks associated with these loans.
- The same month, the lender denied its involvement in money laundering case of a Bulgarian criminal network, whose trial began in February, and in which Credit Suisse is facing a request for 45.5 million dollars in compensation.
- More recently, the hosting of accounts of notorious criminals by the Zurich group was once again singled out by the authorities.
As a catchphrase, Credit Suisse regularly announces major changes within its teams, declares to question the renewal of the group’s leaders and to put in place stricter policies to avoid any pitfalls. Enough to convince? It seems not. The stock has lost about 40% of its value in one year.
Illustration by Amandine Victor