Credit Suisse collapsed due to ‘years of mismanagement’, according to a damning report from Swiss MPs.
The global banking giant, which employed more than 50,000 staff worldwide and more than 5,500 in the UK before its failure in March 2023, was brought down by a bank run when wealthy clients and ordinary customers in Switzerland withdrew funds.
The bank was eventually rescued by arch rival UBS, a move that was backed by the Swiss government.
Before its collapse, Credit Suisse had lurched from crisis to crisis. Although the report lambasted the Swiss government and regulators, it ultimately blamed the bank’s management for its collapse.
Mismanagement: Credit Suisse was brought down by a bank run when wealthy clients and ordinary customers in Switzerland withdrew funds
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