Over time, the Swiss banking giant was involved in huge scandals. In 1986, he opened accounts under fictitious names for Philippine dictator Ferdinand Marcos, helping him hide millions of dollars stolen from the country. Now the bank is on the verge of collapse, dragging other European banks with it.

Timeline of Credit Suisse scandals from 1999 to today

1999: Regulatory evasion in Japan led to revocation of banking license

Japanese authorities found Credit Suisse guilty of obstructing Japanese tax authorities from investigating activities that helped clients avoid paying taxes. Officials not only fined the bank, but also revoked its license to operate.

2009: Violation of sanctions against Iran and Sudan

Credit Suisse pleaded guilty and reached a settlement with the US Department of Justice for violating sanctions against Iran and Sudan between 1995 and 2007. Credit Suisse paid $536 million

2011, 2014, 2016, 2017: numerous cases of massive tax evasion

Over the years, Credit Suisse has helped clients in the United States, Germany, Italy and other parts of Europe avoid taxes and fees. He has paid billions in settlements with the Justice Department, including a $2.6 billion fine in 2014 over a U.S. tax evasion scandal.

2018: “good eyes” employment scheme in Hong Kong

The bank agreed to pay a $47 million fine for offering jobs to friends and family of Chinese officials in exchange for new contracts.

2022: Credit Suisse accused of direct involvement in Bulgarian cocaine smuggling ring

Additionally, in February 2022, Credit Suisse suffered a massive data breach. The leak revealed that the bank’s clients included human traffickers, drug traffickers and people involved in torture.

The French imposed a fine of €238 million after uncovering a tax evasion scheme that ran from 2005 to 2012.

As of 2020, Credit Suisse faced $4 billion in legal costs.

In October 2022, the bank reached a $495 million settlement with US regulators over its role in the 2008-2009 financial crisis. The fine follows another fine of $5.28 billion in 2017 for its role in the subprime mortgage crisis.