Credit score Suisse collapsed attributable to ‘years of mismanagement’, in response to a damning report from Swiss MPs.
The worldwide banking large, which employed greater than 50,000 employees worldwide and greater than 5,500 within the UK earlier than its failure in March 2023, was introduced down by a financial institution run when rich shoppers and abnormal prospects in Switzerland withdrew funds.
The financial institution was ultimately rescued by arch rival UBS, a transfer that was backed by the Swiss authorities.
Earlier than its collapse, Credit score Suisse had lurched from disaster to disaster. Though the report lambasted the Swiss authorities and regulators, it finally blamed the financial institution’s administration for its collapse.
Mismanagement: Credit score Suisse was introduced down by a financial institution run when rich shoppers and abnormal prospects in Switzerland withdrew funds
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