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

Lineage — where the name went

A bank founded in Zurich in 1856, the Boston investment house it absorbed, the insurer it bought and sold, and the weekend in 2023 when the Swiss state handed what was left to UBS.

  1. 1856 — Alfred Escher created Credit Suisse (led the founding group)
  2. 1988 — Credit Suisse acquired First Boston Corporation (a 44.5 per cent stake, extended to control in 1990 and full ownership in 1996)
  3. 1996 — First Boston Corporation rebranded as Credit Suisse First Boston (the investment bank took the Credit Suisse name, and the First Boston name went in 2006)
  4. 1997 — Credit Suisse acquired Winterthur Group (the Swiss insurer)
  5. 2006 — AXA acquired Winterthur Group (bought from Credit Suisse, announced on 14 June 2006)
  6. 2021 — Archegos Capital Management defeated Credit Suisse (its default cost Credit Suisse about $5.5 billion, first put at $4.7 billion)
  7. 2022 — Saudi National Bank acquired Credit Suisse (a 9.9 per cent stake in the CHF 4 billion capital raise, settled on 25 November 2022)
  8. 2023 — The Swiss Confederation created The rescue package (the CHF 9 billion loss-protection guarantee given to UBS)
  9. 2023 — Swiss National Bank created The rescue package (the CHF 100 billion liquidity-assistance line)
  10. 2023 — Credit Suisse acquired by UBS (the all-stock rescue agreed on 19 March 2023 for CHF 3 billion)
  11. 2024 — Credit Suisse merged into UBS (Credit Suisse AG was absorbed into UBS AG on 31 May 2024 and deregistered)

Entities in this tree: Credit Suisse (company, 1856); Alfred Escher (person); First Boston Corporation (company); Credit Suisse First Boston (company); Winterthur Group (company); AXA (company); Archegos Capital Management (company); Saudi National Bank (company); The Swiss Confederation (company); Swiss National Bank (company); The rescue package (event, 2023); UBS (company)

Sources

  1. Credit Suisse - Wikipedia — Wikipedia (2026-09-05)
  2. UBS to acquire Credit Suisse - reporting — https://en.wikipedia.org/wiki/Credit_Suisse
  3. Credit Suisse — Historical Dictionary of Switzerland (2026-09-20)
  4. Credit Suisse First Boston — Wikipedia (2026-09-20)
  5. First Boston — Wikipedia (2026-09-20)
  6. Acquisition of Credit Suisse by UBS — Wikipedia (2026-09-20)
  7. Winterthur Group — Wikipedia (2026-09-20)
  8. Archegos Capital Management — Wikipedia (2026-09-20)
  9. FINMA approves the takeover of Credit Suisse by UBS — FINMA (2026-09-20)
  10. Credit Suisse: the Federal Council and UBS — Federal Department of Finance (2026-09-20)
  11. Credit Suisse gives details of its capital increase — Finews (2026-09-20)
  12. UBS completes the merger of UBS AG and Credit Suisse AG — UBS (2026-09-20)

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