Scathing report from Credit Suisse blames ‘years of mismanagement’
Credit Suisse collapsed due to ‘years of mismanagement’, according to a damning report by Swiss parliamentarians.
The global banking giant, which employed more than 50,000 staff worldwide and more than 5,500 in Britain before its collapse in March 2023, was brought down by a bank run as wealthy clients and ordinary customers in Switzerland withdrew money.
The bank was eventually rescued by arch-rival UBS, a move supported by the Swiss government.
Before the collapse, Credit Suisse had lurched from crisis to crisis. Although the report castigated 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 money
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