The global financial crisis of 2008 is very much alive in the memory of many. It has made itself felt almost all over the world, and obviously in the poorest countries the consequences have been, as usual, more serious and have led to problems that have taken years to resolve. It is therefore not surprising that this year, with inflation already underway around the world, the energy crisis and the threat of famine in some places, many have been seen ringing the alarm bells about problems with Swiss bank Credit Suisse. .
The bank was founded in 1856 in Switzerland and is still one of the most important financial services providers in the country and also in the world. In total, in 2021, the bank employed around 50,000 people worldwide and managed assets worth US $ 1.6 trillion, Reuters reports.
However, in recent years, the bank has been embroiled in various scandals that have led to both a tarnished reputation and financial penalties. In 2021, the media reported that the bank had used private investigators to spy on competitors. In addition, US and UK regulators concluded that the bank’s financing in Mozambique had been illegal and misleading for investors. For this, the bank has to pay regulators 475 million in fines and other payments to atone for the blame.
Also in 2021, the Swiss bank lost more than five billion dollars when the investment management firm “Archegos” collapsed. While Credit Suisse wasn’t the only player in the global financial market to suffer, it lost the largest amount.
Experts do not deny that the next few months will be critical for the bank’s future and it will soon be clear whether investors will trust the bank to improve their image, restructure their work and recover from the shocks of recent years.
