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Credit Suisse Company History Timeline

1856
The history of Credit Suisse dates back to July 5, 1856 when a young politician and businessman Alfred Asher established Schweizerische Kreditanstalt in Zurich.
The company was founded by Alfred Escher on July 5, 1856 and is headquartered in Zurich, Switzerland.
Credit Suisse began as a commercial bank in 1856, at a time when Switzerland was first embracing the industrial revolution.
In 1856, Switzerland s federal constitution was only eight years old and there was little industry in the country as the shift from an agricultural to an industrial economy had just begun.
1867
CS posted its first and only loss ever in 1867.
1870
The bank also helped fund the effort to disarm and imprison French troops that crossed into Swiss borders in the 1870 Franco-Prussian War.
1871
The bank helped develop the Swiss monetary system and, by the end of the Franco-Prussian War in 1871, Cr dit Suisse was the largest bank in Switzerland.
1882
Credit Suisse played a substantial role in the economic development of Switzerland, helping the country develop its currency system, funding entrepreneurs and investing in the Gotthard railway, which connected Switzerland to the European rail system in 1882.
1886
Credit Suisse had its first unprofitable year in 1886, due to losses in agriculture, venture investments, commodities and international trade.
1905
The first branch outside of Z rich was opened in 1905 in Basel.
1907
The founding of the Swiss National Bank in 1907 and the growth in foreign investment by Swiss banks sowed the seeds for Switzerland s eventual role as the banking capital of the world.
1924
After World War I, Cr dit Suisse continued financing the electrification of the country and, in response to a coal shortage, helped finance the national railroad s conversion to electricity in 1924.
1951
In true pioneering style, Credit Suisse has shaped many of the countless innovations to hit the financial markets over the past one and a half centuries, and has quickly adapted others for its own use. For example, Credit Suisse or Schweizerische Kreditanstalt SKA as it was then known was the first large Swiss bank to establish a direct telex connection with New York in 1951.
1959
In 1959, with the opening of a representative office of the then CS SKA, Credit Suisse set a footprint in Brazil.
1968
With the emergence of a free gold market in 1968, Cr dit Suisse became a major gold-trading house and, through its acquisition of the precious metals refinery Valcambi S.A., in Ticino, a manufacturer of ingots and coins.
1977
The bank also experienced a major scandal in 1977 when authorities began investigating a fraudulent banking and foreign exchange trading scheme at the company s Chiasso branch involving more than 1.2 billion.
1978
In 1978 Cr dit Suisse First Boston CSFB , a joint venture with the New York investment bank First Boston, was formed after White Weld was purchased by Merrill Lynch.
In 1978, White, Weld Company dropped its partnership with Credit Suisse after it was bought by Merrill Lynch.
1980
However, he also oversaw one of the greatest financial disasters in the company s history, a 150 million issue bought by the company in 1980.
1981
125th Anniversary of Cr dit Suisse An Historical Survey, Zurich, Cr dit Suisse, 1981.
1983
The losses resulted in the resignation of the several top executives and left the current chairman, Rainer Gut, second in line following the retirement of Chairman Otto Aeppli in 1983.
1984
At the beginning of 1984, three CSFB executives defected to Merrill Lynch, taking seven others with them.
1986
By 1986 the bank s assets were 46 billion, and somewhere between 75 and 150 billion more were under active management by the bank well ahead of the estimated 50 billion under the management of the leading American bank in the field, Citicorp.
1987
In 1987, the Group acquired the blue chip London stockbrokers Buckmaster Moore.
1988
In 1988, Credit Suisse purchased First Boston creating CS First Boston, Inc.
There were also reports in mid-1988 that the syndicate was opening its ranks to smaller, more flexible banking houses in an effort to broaden its market share of new issues, which is up around 70 .
1990
In 1990 Banco de Investimento Credit Suisse First Boston established its operations in the country.
The bank acquired Bank Leu, known as Switzerland's oldest bank, in 1990.
1993
In 1993, Swiss Volksbank, the nation s fourth largest bank was acquired.
1996
In 1996 Credit Suisse restructured as the Credit Suisse Group with four divisions Credit Suisse Volksbank later called Credit Suisse Bank for domestic banking, Credit Suisse Private Banking, Credit Suisse Asset Management and Credit Suisse First Boston for corporate and investment banking.
1997
At the same time, Credit Suisse began to provide banking services by telephone.In 1997, the bank undertook several important transformations including the renaming of CS Holding as Credit Suisse Group.
1999
In 1999 Japan's Financial Supervisory Agency temporarily suspended the financial-products division's license to operate in Japan for window dressing, the practice of selling derivatives that are often used by bank clients to hide losses.
2000
Donaldson, Lufkin Jenrette was purchased for 11.5 billion in 2000.
2002
Additionally, at the same time, the bank opened its own Internet banking service called Direct Net . It was the first Internet banking in Switzerland.The Credit Suisse Group was once again restructured in 2002.
In 2002 the bank was consolidated into two entities Credit Suisse First Boston for investments and Credit Suisse Financial Services.
2003
Credit Suisse then became 100 owner of Valcambi SA, but, in 2003, the owner had changed.
2004
Credit Suisse restructured again in 2004 under what it calls the one bank model.
2006
In 2006, Credit Suisse acknowledged misconduct for helping Iran and other countries hide transactions from US authorities and paid a 536 million settlement.
2008
The Brazilian government investigated 13 former and current Credit Suisse employees in 2008.
2009
In 2009 Yellowstone Club founder Tim Blixseth sued Credit Suisse when the bank attempted to collect on 286 million in loan debt during Yellowstone's bankruptcy proceedings.
The investigation led to arrests that year and in 2009 as part of a larger crackdown in Brazil.
2010
In fact, this financial monster, with assets of 1.03 trillion Swiss francs December 31, 2010 , doesn't have its own production facilities for making gold bars.
2012
In September 2012, the Swiss government gave banks like Credit Suisse permission to provide information to the US Justice Department for tax evasion probes.
In November 2012, Credit Suisse's asset management division was merged with the private banking arm.
2013
Separately, in 2013, German authorities began to probe Credit Suisse, its private bank subsidiary Clariden Leu, and its regional subsidiary Neue Aargauer Bank for helping German citizens evade taxes.
2014
In February 2014 it agreed to pay a fine of 197 million after one of its businesses served 8,500 US clients without registering its activities, leading to suspicion as to whether it was helping Americans evade taxes.
Following the crisis, Credit Suisse cut more than one-trillion in assets and made plans to cut its investment banking arm 37 percent by 2014.
2015
On 10 March 2015, it was announced that Tidjane Thiam, the CEO of Prudential would leave to become the next CEO of Credit Suisse.
The Credit Suisse business unit offers investment products, private banking and financial advisory services for private and corporate clients. It is active in investment banking, capital markets and financial services.Today, the Credit Suisse Group is a holding company, after the reorganization of 2015, consisting of the following divisions Swiss Universal Bank that provides all major banking services in Switzerland.
2016
In September 2016, Brian Chin was appointed Chief Executive of Global Markets and joined the executive board of the bank.
2019
On 23 August 2019, Credit Suisse announced the formation of a new direct banking business unit under their Switzerland division Swiss Universal Bank, SUB , focusing on digital retail products.
Founded
1856
Company Founded
Founders
Alfred Escher
Company Founders

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