WhereIsAtlas · Banking

Credit Suisse

The 160-year-old Swiss banking giant that collapsed after a crisis of confidence — and was absorbed by UBS

Defunct — Credit Suisse was one of the world's most prestigious Swiss banks, founded in 1856. After a series of crises and a collapse of confidence, it was acquired by its rival UBS in 2023 in an emergency government-brokered rescue.

Credit Suisse was founded in 1856 and became one of the world's leading financial institutions — a pillar of the Swiss banking system and a global player in wealth management and investment banking. For more than a century and a half, the name carried the prestige and stability associated with Swiss banking.

The final years were a slow collapse of trust. The bank was hit by a series of scandals, losses and leadership changes that eroded confidence. When the US banking crisis erupted in March 2023 — with the failure of Silicon Valley Bank and Signature Bank — depositors fled, and Credit Suisse's situation quickly became untenable.

Faced with the collapse of a globally significant bank, the Swiss government and the central bank brokered an emergency rescue. In a historic weekend deal, Credit Suisse was acquired by its biggest rival, UBS, for a fraction of its former value. The 166-year-old bank effectively ceased to exist as an independent entity.

Quick facts

Founded
1856
HQ
Zurich, Switzerland
Role
A pillar of Swiss and global banking
The fall
Crises, scandals and a loss of confidence
The trigger
March 2023 (US banking crisis + depositor flight)
Outcome
Absorbed by UBS, 2023 (historic rescue)
Legacy
166-year-old bank ceased to exist independently

Sources

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