Nearly $54 billion loan he provides to him Credit Suisse V Bank of Switzerland announced after its shares crashed and is now almost 98% below its all-time high in April 2007.

Its sharp fall sharply reduced the market value of Switzerland’s second largest bank. And its credit makes it the first bank to be bailed out with such an intervention since the 2008 global financial crisis. The forced appeal of Switzerland’s second largest bank to the central bank for bailout was the result of a long flight to the edge of a cliff that had begun. for years and full of scandals, wrongdoing, bad decisions and toxic investments.

The fictional story of the second largest Swiss bank includes the suicide of a private investigator.

Credit Suisse chief executive Urlich Körner only took office in July last year, replacing Thomas Gottstein, who was sacked due to disappointing results from the bank’s investment arm, and increased provisions for possible legal fees. Gottstein himself only took office in early 2020 when his predecessor, Tinjan Thiam, resigned over an unbelievable “spy” scandal, as international media described an order given by a senior bank executive to private detectives to monitor another senior executive. . This unlikely fictional story involves the suicide of a private investigator and the resignation of several of his executives. But Gottstein’s tenure was also short-lived, despite the fact that he was highly respected in the market and considered a firm hand at the helm of the bank. It found itself in the midst of two huge crises in early 2021 when the bank recorded massive losses, around $5.5 billion, due to its extensive reliance on Archegos Capital fund and bankrupt financial Greensill.

The two bankruptcies forced Credit Suisse to begin a radical restructuring of its investment and risk, compliance and asset management divisions. In April of that year, Antonio Horta Osorio, the former CEO of the Lloyds banking group, was hired by Credit Suisse and took over as its president to clean up his scandalous image. However, just a few months later, in January 2022, he was forced to resign after being caught repeatedly violating quarantine and general pandemic protection measures. He was replaced by current chairman and former UBS chief executive Axel Lehmann. There is no end to Credit’s atrocities, however, as the bank suffered renewed publicity last February when information and internal data were leaked that implicated the Swiss bank in human rights abuses, corruption and bribery of police and businessmen for decades.

In June 2022, after all, the bank was convicted for allowing the laundering of proceeds from illegal activities, in particular from a gang of Bulgarians involved in the cocaine trade, between 2004 and 2008. Legal costs increased and the bank’s performance lagged far behind its peers. In the second quarter of last year, he reported a loss of 1.6 billion Swiss francs, and two months after chairman Axel Lehmann vehemently denied that the bank was planning a change in management, Gottstein was replaced by Kerner. Its restructuring plan, which it has since begun, involves spinning off its investment arm, significantly reducing its exposure to distressed securities, and increasing capital by $4.2 billion. As part of this restructuring, 9.9% of the bank was bought by the current largest lender, the National Bank Arabia. It was the one that refused to provide additional capital to Credit Suisse a few days ago and the market reacted by sending its shares down 30% and the Swiss bank got a loan from the Bank of Switzerland.