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
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investing account for you
***
Read more at DailyMail.co.uk