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88-504: In a letter dated 6 September 1890, shortly before the end of her tragic life, Lydia Escher (1858–1891) offered to the federal government a generous donation. The entire Federal Council declared on 16 September 1890 the adoption of the gift. The donation consisted of securities (including shares: 63.5 per cent, bonds: 24.9%, remaining: 11.6%) and land including the Villa Belvoir , which had a total value of 3.46 million Swiss francs at

176-657: A 10 per cent stake, Qatar Investment Authority (QIA) boosted its stake in the Credit Suisse Group to 6.87 per cent and Harris Associates reported a holding of below 3 per cent. Harris Associates reported having exited all its Credit Suisse positions by March 2023. Credit Suisse stock (CS) in the NYSE fell from $ 2.50 to $ 1.88 a share on 15 March 2023. On 19 March 2023, fellow Swiss bank group UBS agreed to buy Credit Suisse for more than US$ 3   billion. The purchase of Credit Suisse by UBS has reportedly averted

264-856: A 44 percent stake in First Boston's US operations. In 1987, the Group acquired the blue chip London stockbrokers Buckmaster & Moore , originally established by aristocrat Charles Armytage-Moore and sportsman Walter Buckmaster , who had met at Repton School . As stockbrokers they were very well connected, had developed a good private client business, which at one time included John Maynard Keynes . Other Credit Suisse First Boston brands were later created in Switzerland, Asia, London, New York and Tokyo. According to an article in The New York Times , First Boston became "the superstar of

352-559: A CHF 2.24bn rights issue and a CHF 1.80bn private placing. On 9 February 2023, the bank reported an annual loss of CHF 7.3 bn, the biggest loss since the 2007–2008 financial crisis . On 14 March of that same year, Credit Suisse published its annual report for 2022 saying it had identified “material weaknesses” in controls over financial reporting. On 15 March 2023, Credit Suisse' share price dropped nearly 25   percent after Saudi National Bank, its largest investor, said it could not provide more financial assistance. The market price of

440-547: A commemorative plaque, located at a spot in front of the Kunsthaus Zürich . The place was baptized on 20 August 2008 by the city of Zürich as Lydia Welti-Escher Hof . Credit Suisse Credit Suisse Group AG ( French pronunciation: [kʁe.di sɥis] , lit.   ' Swiss Credit ' ) is a global investment bank and financial services firm founded and based in Switzerland as

528-657: A controlling stake in Switzerland's fifth largest bank, Swiss Volksbank in a $ 1.1 billion deal. It also merged with Winterthur Group in 1997 for about $ 9 billion and acquired the asset management division of Warburg, Pincus & Co. in 1999 for $ 650 million. Donaldson, Lufkin & Jenrette was purchased for $ 11.5 billion in 2000. In 1996, Credit Suisse restructured as the Credit Suisse Group with four divisions: Credit Suisse Volksbank (later called Credit Suisse Bank) for domestic banking, Credit Suisse Private Banking, Credit Suisse Asset Management, and Credit Suisse First Boston for corporate and investment banking. The restructure

616-516: A cordial relationship. Lydia Escher's youth differed substantially from those of other young women of Zürich of bourgeois origin: Lydia conducted her father's correspondence, ran the household in the Belvoir estate, and she grew into the role of the hostess and entertainer of the numerous guests of Alfred Escher, among them the Swiss poet Gottfried Keller who was also a fatherly friend. Lydia Escher

704-640: A divorce and a financial agreement, which committed Lydia to a payment of 1.2 million Swiss Francs 'compensation' to Welti. In the 'high society' of Zürich, Lydia was no longer accepted, and she was ostracized as an adulteress. Therefore, she moved into a house in Genève-Champel in the late summer of 1890. There Lydia Escher finished her last goal in life, the establishment of an Arts foundation, later named Gottfried Keller Stiftung , which she dedicated to her fatherly friend from her youth. Lydia Welti-Escher decided to end her life on 12 December 1891; she opened

792-563: A larger crackdown in Brazil. Four Credit Suisse bankers were accused of fraud by the US Justice Department in 2011 for helping wealthy Americans avoid taxes. In 2012, German authorities found that citizens were using insurance policies of a Bermuda-based Credit Suisse subsidiary to earn tax-free interest. In November 2012, Credit Suisse's asset management division was merged with the private banking arm. In September 2012,

880-523: A nervous breakdown, spent some time in the San Bonifazio mental hospital, and after his release, he attempted suicide by gun. In January 1891, unable to work and apparently suffering from persecution mania , he committed suicide. After four months of internment in the public psychiatric hospital in Rome, Lydia Escher was finally brought back by her husband to Switzerland. She approved his wish for

968-531: A new fortune through speculative land deals and trading in Northern America . In 1814 Heinrich returned to Zürich and married Lydia Zollikofer (1797–1868) in May 1815, having two children, Clementine (1816–1886) and Alfred. In 1857 Alfred Escher married Augusta Escher-Uebel (1838–1864): Lydia was born in 1858, but her sister Hedwig (1861–1862) died while still a baby. Lydia's suicide on 12 December 1891 brought

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1056-485: A number of economic analysts, particularly the resulting lack of banking competition in Switzerland's economy. The take-over by UBS had limited the choice of lenders, particularly for smaller and medium sized companies. Credit Suisse's international reach had affected the employment situation in Europe as well as other regions. The Swiss economy as such also relies on a number of heavily capitalised state banks that have been

1144-425: A significant lender to those smaller enterprises, particularly after the demise of CS. On 27 June 2023, UBS announced its intention to cut more than half of Credit Suisse's workforce. In July 2024, Credit Suisse (Schweiz) ceased to exist as a separate legal entity after fully being integrated into UBS Switzerland. Credit Suisse's leadership history unfolds through visionary leaders like Alfred Escher, who founded

1232-491: A standalone firm but now a subsidiary of UBS . According to UBS, eventually Credit Suisse will be fully integrated into UBS but while the integration is not complete both banks are operating separately. Headquartered in Zürich , as a standalone firm it maintained offices in all major financial centers around the world and provided services in investment banking , private banking , asset management , and shared services . It

1320-508: A substantial portion of Credit Suisse's business was in foreign reconstruction efforts. Banks subsequently acquired by Credit Suisse have been linked to bank accounts used by members of the NSDAP in the 1930s. Holocaust survivors had problems trying to retrieve assets from relatives that died in concentration camps without death certificates. This led to a class action lawsuit in 1996 that settled in 2000 for $ 1.25 billion. The Agreement on

1408-567: Is listed in the Swiss inventory of cultural property of national and regional significance as a Class A object of national importance and named Eidgenössische Gottfried Keller-Stiftung, Haldenstrasse 95 . 47°30′41″N 8°43′54″E  /  47.5113°N 8.7317°E  / 47.5113; 8.7317 Lydia Escher Lydia Welti Escher , (née Lydia Escher , 10 July 1858 in Zürich-Enge – 12 December 1891 in Genève-Champel )

1496-528: Is organised as a joint-stock company registered in Zürich that operates as a holding company. It owns the Credit Suisse bank and other interests in the financial services business. Credit Suisse is governed by a board of directors, its shareholders, and independent auditors. The Board of Directors organise the annual General Meeting of Shareholders while investors with large stakes in the company determine

1584-464: Is significant that still an important part of the Welti family archives is not accessible to researchers and historians. In May 1890, a full psychiatric report showed no sign of mental illness and Lydia Welti-Escher was released. She returned to her husband, although she soon filed for a divorce, which was eventually granted. In a state of despondency over the loss of his love, Karl Stauffer-Bern suffered

1672-546: The Baur en Ville hotel in Zürich for sale. However, this intervention did not stop investors and customers from pulling their money out of Credit Suisse, with outflows topping 10 billion Swiss francs during the week, and almost $ 69 billion (approximately 61 billion Swiss francs) in withdrawals during the first calendar quarter. The situation was so compromised that the SNB and the Swiss government started discussions to fast-track

1760-544: The Belle Époque in Switzerland, she blew up close social and moral standards of existence by their liaison with an artist, to which she open stood; and, on the other hand, Lydia Escher's historic achievement is in the creation of a Swiss art foundation of national importance. Lydia Escher, as a prominent patron of the arts, was honored by the Gesellschaft zu Fraumünster association on the occasion of her 150th anniversary by

1848-522: The European rail system . In the 1900s, it began shifting to retail banking in response to the elevation of the middle class and competition from fellow Swiss banks UBS and Julius Bär . Credit Suisse partnered with First Boston in 1978 before buying a controlling share of the bank in 1988. From 1990 to 2000, the company purchased institutions such as Winterthur Group , Swiss Volksbank, Swiss American Securities Inc. (SASI), and Bank Leu . The company

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1936-665: The Reformation in Zürich , excluded the present Augustinerkirche – were bought by the Gottfried Keller Stiftung in 1894. The art dealer Martin Usteri acquired 32 glass panes in 1796, which were sold from his legacy in 1829, and thereafter installed in the today's Grodziec castle. GKS entrusted the six windows to the Swiss National Museum on deposit. The foundation's assets has diminished in

2024-683: The Euromarkets" by buying stakes in American companies that wanted to issue bonds. In 1988 First Boston loaned $ 487 million to Gibbons and Green for the purchase of the Ohio Mattress Company , which was purchased at twenty times its annual revenue. Gibbons had also borrowed $ 475 million in junk bonds . When the junk bonds market crashed the following year, Gibbons couldn't repay First Boston. Credit Suisse injected $ 725 million to keep First Boston in business, which ultimately led to

2112-662: The Federal Finance Administration on 1 January 2009. In the center of the considerations ware revenue-side measures to expand the capital base, new opportunities for wealth management as well as a review of the administrative tasks of GKS. In November 2011 the Federal Government relieved the foundation by bearing all costs of the management of the collection, as well as the foundation's secretariat. The foundation, today based in Winterthur ,

2200-737: The Swiss Banks' Code of Conduct with Regard to the Exercise of Due Diligence was created in the 1970s, after a Credit Suisse branch in Chiasso was exposed for illegally funneling $ 900 million in Italian deposits to speculative investments. In 1978, White, Weld & Company dropped its partnership with Credit Suisse after it was bought by Merrill Lynch . To replace the partnership with White, Credit Suisse partnered with First Boston to create Credit Suisse First Boston in Europe and bought

2288-695: The Swiss government gave banks like Credit Suisse permission to provide information to the US Justice Department for tax evasion probes. In February 2014, it agreed to pay a fine of $ 197 million after one of its businesses served 8,500 US clients without registering its activities, leading to suspicion as to whether it was helping Americans evade taxes. It was one of 14 Swiss banks under investigation. Separately, in 2013, German authorities began to probe Credit Suisse, its private bank subsidiary Clariden Leu , and its regional subsidiary Neue Aargauer Bank for helping German citizens evade taxes. In 2012,

2376-643: The United States since Drexel Burnham Lambert in 1989 and the largest to do so since the Bankers Trust in 1999. "Credit Suisse conspired to help US citizens hide assets in offshore accounts in order to evade paying taxes. When a bank engages in misconduct this brazen, it should expect that the Justice Department will pursue criminal prosecution to the fullest extent possible, as has happened here," Attorney General Eric H. Holder said at

2464-567: The acquisition of works of art. Either, the foundation pays for a work of art the full purchase price and places it in a museum of its choice, or it is involved in Museum purchases. Nevertheless, the artwork remains the property of the Swiss Confederation. The foundation aims the acquisition of major works of art from Switzerland and abroad, to entrust them as loans to Swiss museums or to return them to their original locations, such as

2552-471: The age of four years, Lydia lost her younger sister, and Lydia's mother died in 1864. So that Alfred Escher was able to see his daughter several times a day, he rented for Lydia and her governess an apartment near his workplace in the city of Zürich. Since he was no longer married, Lydia was increasingly becoming also a close friend and started to support his work actively. Alfred Escher tried as often as possible to spend time with his daughter, and they maintained

2640-630: The agenda. Shareholders elect auditors for one-year terms, approve the annual report and other financial statements, and have other powers granted by law. Shareholders elect members of the board of directors to serve a three-year term based on candidates nominated by the Chairman's and Governance Committee and the Board of Directors meet six times a year to vote on company resolutions. The Board sets Credit Suisse's business strategies and approves its compensation (remuneration) principles based on guidance from

2728-586: The annual income of the fund usually in full for the purchase of works of art. In addition, the purchase of the St. Georgen Abbey, proved by the GKS in 1926, is a heavy financial burden due to the high operating costs. In 2009, the currently available capital amounted to 4.5 million Swiss Francs, did not allow to fulfill the will of Lydia Escher. The ordinary annual income of GKS is currently around 215,000 Swiss Francs (interest income on capital and rental income) and covers just

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2816-514: The bank attempted to collect on $ 286 million in loan debt during Yellowstone's bankruptcy proceedings. The debtor had borrowed more than $ 300 million for the business, but used a large portion of it for personal use before eventually filing for bankruptcy. Four lawsuits were filed from other resorts seeking $ 24 billion in damages alleging Credit Suisse created loans with the intention of taking over their properties upon default. According to The Wall Street Journal in 2008, "Credit Suisse survived

2904-426: The bank eventually entered into a €150 million settlement with the government. In March 2014, Credit Suisse denied claims it had been drawn into a Swiss competition probe investigating potential collusion to manipulate foreign exchange rates ( Forex scandal ) by various Swiss and foreign banks. In May 2014, Credit Suisse pleaded guilty to conspiring to aid tax evasion. It was the most prominent bank to plead guilty in

2992-843: The bank in 1856. Hermann Heller's international focus during 1909–1937 and August Rust's diversification from 1942–1967 laid crucial foundations. Edwin Stopper's strategies in 1979–1990 brought challenges amid expansion into global markets. Lukas Muhlemann's cost-cutting efforts in 1993–2002 faced setbacks, and Oswald Grubel grappled with restructuring post–2008 crisis during 2003–2013. Tidjane Thiam's wealth management focus in 2015–2020 faced external challenges, leading to resignation. Tomas Gottstein, since 2020, tackles geopolitical tensions, emphasizing sustainability while navigating regulatory changes for investor confidence. Understanding Credit Suisse's leadership involves considering broader industry trends and key advisors beyond CEOs. Credit Suisse Group AG,

3080-442: The bank's ATL debt filed a lawsuit against Switzerland seeking compensation. According to financial analysts, economic sanctions imposed by Switzerland on Russian individuals and businesses had a significant impact on the demise of the bank. According to Bloomberg News , Credit Suisse held about $ 33 billion for Russian clients, 50% more than UBS . In late April 2023, the political and economic fall-out had been evaluated by

3168-483: The bank's acquisition by UBS . On 19 March 2023, UBS announced a deal had been reached to acquire Credit Suisse for US$ 3.25   billion (CHF 3 billion) in an all-stock deal. European regulators have criticized the moral hazard of the AT1 bondholders suffering in the loss of their capital rather than the shareholders of the bank. In June 2024, a group of Credit Suisse bondholders holding $ 82 million worth of

3256-625: The bank's revenues was from the Swiss Northeastern Railway , which was being built by Bruno Hildebrand and Escher's company, Nordostbahn. Credit Suisse played a substantial role in the economic development of Switzerland, helping the country develop its currency system, funding entrepreneurs and investing in the Gotthard railway , which connected Switzerland to the European rail system in 1882. Credit Suisse helped fund

3344-531: The bank's unsecured bonds set for maturity in 2027 dropped to a low of 33   percent of their par value on that day, down from being valued at 90   percent of their par value at the beginning of the month. Later in the same week, Credit Suisse sought to shore up their finances by taking a loan of 50 billion Swiss francs from the Swiss National Bank (SNB); the bank later proceeded to buy three billion Swiss francs of its own debt and to put

3432-838: The choir of the St. Urban's Abbey . Among other, the foundation acquired the St. Georgen Abbey in Stein am Rhein in 1926, and since 1960 it also owns the panorama wall painting of the city of Thun. The purchases of valuable interiors, including Schloss Wülflingen in Winterthur, Maison Supersaxo in Sion and Freuler Palast in Näfels, preserved those Heritage objects at their previous environments. The collection comprises more than 8,500 paintings, sculptures and other art objects in around 110 museums respectively locations in Switzerland. The market value of

3520-605: The collection can only be approximately quantified: according to the experts the market value ranges between 500 and 1,500 million Swiss Francs in 2009. The applied federal government financial assets of the GKS was about 4.5 million Swiss Francs at the end of 2007. From the Gröditzberg in Silesia, six of the former stained glass windows of the Augustinerkloster Zürich – that remains were broken following

3608-602: The company being taken over by Credit Suisse. This became known as the "burning bed" deal, because the Federal Reserve overlooked the Glass–Steagall Act that requires separation between commercial and investment banks in order to preserve the stability of the financial markets. In the late 1990s, Credit Suisse executed an aggressive acquisition strategy. The bank acquired Bank Leu, known as Switzerland's oldest bank, in 1990. In 1993 Credit Suisse outbid UBS for

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3696-585: The compensation committee. It also has the authority to create committees that delegate specific management functions. Credit Suisse has the following operational divisions: Operations are divided into four regions: Switzerland, Europe, the Middle East, and Africa, the Americas, and the Asian Pacific. On 9 May 2023, Credit Suisse announced that it would continue its banking operations but under

3784-479: The course of the 20th century, so that it fulfilled its purpose only with additional federal funding. In fact, the foundation's financial problems, as well as the cause to fulfill its purpose according to Lydia Escher's will, occurred also due to mismanagement. So over the years substantial parts of the foundation's assets were destroyed by an unfortunate investment strategy, as well as some of the foundation's former buildings were sold under their market price, among them

3872-468: The creation of Switzerland's electrical grid through its participation with Elektrobank (now called Elektrowatt), a coalition of organizations that co-financed Switzerland's electrical grid. According to The Handbook on the History of European Banks , "Switzerland's young electricity industry came to assume the same importance as support for railway construction 40 years earlier." The bank also helped fund

3960-402: The credit crisis better than many competitors." Credit Suisse had $ 902 million in writedowns for subprime holdings and the same amount for leveraged loans, but it did not have to borrow from the government. Along with other banks, Credit Suisse was investigated and sued by US authorities in 2012 for bundling mortgage loans with securities, misrepresenting the risks of underlying mortgages during

4048-495: The early 1900s Credit Suisse began catering to consumers and the middle-class with deposit counters, currency exchanges and savings accounts. The first branch outside of Zürich was opened in 1905 in Basel . The bank helped companies affected by World War I restructuring, and extended loans for reconstruction efforts. During the 1920s depression, net profits and dividends were halved and employees took salary cuts. After World War II,

4136-914: The effort to disarm and imprison French troops that crossed into Swiss borders in the 1870 Franco-Prussian War . By the end of the war, Credit Suisse had become the largest bank in Switzerland. Throughout the late 1800s, Credit Suisse set up banking and insurance companies in Germany, Brussels, Geneva and others (as SKA International) with the bank as a shareholder of each company. It created insurance companies like Swiss RE, Swiss Life (aka Rentenanstalt) and Schweiz. Credit Suisse had its first unprofitable year in 1886, due to losses in agriculture, venture investments, commodities, and international trade. The bank created its own sugar beet factory, bought 25,000 shares in animal breeding ventures and supported an export business, Schweizerische Exportgesellschaft, that experienced heavy losses for over-speculative investing. In

4224-596: The end of 1890. The donation is managed as a special funds of the Swiss Federation since 1890 under the name Gottfried Keller-Stiftung (GKS) by the Federal Department of Finance, and the income of the donation has to be used for the purchase of important works of visual art of Switzerland, to ensure that important works of Swiss art not moving out of the country and remain open to the public. The Welti-Escher-Stiftung (Welti-Escher Foundation)

4312-452: The end of 2022, Credit Suisse had approximately CHF  1.3 trillion in assets under management . On 19 March 2023, following negotiations with the Swiss government , UBS announced its intent to acquire Credit Suisse for $ 3.25 billion (CHF 3 billion) in order to prevent the bank's collapse. UBS completed the acquisition in June 2023. Credit Suisse's founder, Alfred Escher ,

4400-435: The end to Alfred Escher's family line. Lydia Escher's grandfather Heinrich Escher had built the country house Belvoir on the left shore of Zürichsee in the then village of Enge , as of today a district of the city of Zürich, where Lydia grew up and lived. Heinrich Escher was able to devote himself fully to his passion for botany and his entomological collection, that also was cared for by her father, and by Lydia. At

4488-576: The engagement had already been published, Lydia married after her father's death on 4 January 1883. Friedrich Emil Welti was the son of the Swiss Federal Councillor ( Bundesrat ) Emil Welti , one of the then most powerful people in Switzerland, and former companion and later opponent of Lydia's father. Welti rose in the Swiss economic circles thanks to his marriage with Lydia and sat on numerous boards of directors. Meanwhile, Lydia Welti-Escher rapidly became bored, not being fulfilled by

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4576-448: The executive board of the bank. At this time, it was also announced that Eric M. Varvel was appointed president and CEO of Credit Suisse Holdings (USA). The collapse of Lehman Brothers caused a large loss in consumer and market participant trust and confidence in the banking industry. The loss in confidence is reflected in the large loss of share prices across the Swiss banking sector after 2008. In August 2019, Credit Suisse announced

4664-406: The formation of a new "direct banking" business unit under their Switzerland division (Swiss Universal Bank, SUB), focusing on digital retail products. The step is seen as a reaction to the emergence of FinTech competitors such as N26 or Revolut in Switzerland and shall help to better attract young clients. In July 2020, Thomas Gottstein , the new CEO of the company, announced restructuring; it

4752-488: The foundation's base. According to the will of Lydia Escher, the foundation was established on 6 June 1890, and was managed by the Swiss Federal Council , thus, Lydia Escher wished to accomplish a patriotic work . The foundation should also promote the independent work of women, at least in the field of the applied of Arts , according to the original intention of the founder. This purpose was adopted – but at

4840-582: The gas tap in her villa near Geneva. It has been debated whether Lydia, after her examination and detention in the psychiatric clinic in Rome and upon returning to Switzerland (again) she resided at the clinic of Königsfelden , as written in Josef Jung's biography. In contrast, the biographer Willi Wottreng claimed that there are no sources for the further stay in Königsfelden. This is important because it would show that Lydia Welti-Escher had resisted

4928-539: The hospice of UBS in order to fulfill its financial obligations towards existing clients as well as employees of both banks. CEO Ulrich Körner will join UBS's executive board. In August 2022, it was revealed that the largest shareholder of Credit Suisse was in fact American, namely Harris Associates , holding over 10% of the shares of the group. Harris Associates itself is owned by French bank Natixis . As of 25 January 2023, Saudi National Bank , an anchor investor, held

5016-406: The housing boom. Following the crisis, Credit Suisse cut more than one-trillion in assets and made plans to cut its investment banking arm 37 percent by 2014. It reduced emphasis on investment banking and focused on private banking and wealth management . In July 2011, Credit Suisse cut 2,000 jobs in response to a weaker than expected economic recovery and later merged its asset management with

5104-412: The locations in Winterthur. These facts were asked by a parliamentary interpellation in 2008 to the Swiss government and answered on 11 December 2009 by the Swiss Federal Council ( Bundesrat ): The allegations with reference to the Swiss historian Josef Jung may differentiatedly to judge. The Federal Department of Finance had originally fairly high equity allocation, which amounted in 1890 to 63.5% of

5192-529: The management of Welti's comparatively modest household, and was missing interesting guests and stimulating conversations as she had known in her father's household. Through her husband, she finally came into contact with his childhood friend Karl Stauffer-Bern, a known Swiss painter, in August 1885, and henceforth Stauffer was on occasion of his travels to Zürich a guest at the Belvoir mansion. In his own atelier in

5280-414: The mentioned current value of the art collection of the original donation of the 3.46 million Swiss Francs, represents an annual growth rate of the nominal value between 4.3% and 5.3% (based on compound interest calculation). In fact, the long-term security in the real value of the endowment would necessarily implies a growth of capital in the amount of inflation. In retrospect it was very short-sighted to use

5368-455: The morning of 6 December 1882 Alfred Escher died on his Belvoir estate. Throughout, Escher has been lovingly cared for by his daughter, and she was regarded as his only confidante, who oversaw much of his correspondence and accompanied her father on his many travels. Because the relationship between Alfred Escher and his former protege Emil Welti had deteriorated before, Escher was against Lydia's engagement with Welti's son Friedrich Emil. Since

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5456-482: The number one position in Euromoney's private banking poll. In 2006, Credit Suisse acknowledged misconduct for helping Iran and other countries hide transactions from US authorities and paid a $ 536 million settlement. The same year it merged Bank Leu AG, Clariden Holding AG, Bank Hofmann AG and BGP Banca di Gestione Patrimoniale into a new company called Clariden Leu. The increasing importance of sustainability and

5544-509: The original intention of the founder. This purpose was adopted – but at the urging of Welti not in the deed of the foundation. The Gottfried Keller Foundation became though an important collection institution for art, but the feminist concerns of Lydia Escher were not met. The five members of the foundation are nominated by the Swiss Federal Council every four years. The Foundation Commission ( Stiftungskommission ) decides on

5632-435: The personnel costs of GKS (90 full-time positions; Monastery Museum St. Georgen: 140 full-time positions). Extraordinary income achieved the GKS only exceptionally. New acquisitions occur only sporadically and with very limited resources given by the current financial situation. Thus, the foundation's purpose in the future, requires a financial leeway. The Federal Office of Culture examined ways to expand this maneuver along with

5720-423: The practice of selling derivatives that are often used by bank clients to hide losses. In the 2000s, Credit Suisse executed a series of restructures. In 2002 the bank was consolidated into two entities: Credit Suisse First Boston for investments and Credit Suisse Financial Services. A third unit was added in 2004 for insurance. Credit Suisse restructured again in 2004 under what it calls the "one bank" model. Under

5808-568: The private bank group to cut additional costs. We sell [bank] safety not bank secrecy . Being a safe haven in a world that is becoming increasingly dangerous and volatile is no bad place to be. A series of international investigations took place in the early 2000s regarding the use banking secrecy in Credit Suisse accounts for tax evasion. In 2008, the Brazilian government investigated 13 former and current Credit Suisse employees. The investigation led to arrests that year and in 2009 as part of

5896-480: The railway system. Escher aimed to start the company with three million shares and instead sold 218 million shares in three days. The bank opened on 16 July 1856 and was modeled after Crédit Mobilier , a bank funding railway projects in France that was founded two years prior, except Credit Suisse had a more conservative lending policy focused on short-to-medium term loans. In its first year of operation, 25 percent of

5984-536: The related commitments and liabilities of international standards such as the UNGC, of which the bank is a member, lead to increasingly sophisticated and ambitious risk management over the years. Credit Suisse operates a process which since 2007 uses RepRisk, a Swiss provider of ESG Risk analytics and metrics, to screen and evaluate environmental and social risks of risky transactions and due diligence. In 2009, Yellowstone Club founder Tim Blixseth sued Credit Suisse when

6072-444: The restructuring, every board had a mix of executives from all three divisions. It also changed the compensation and commission models to encourage cross-division referrals and created a "solution partners" group that functions between the investment and private banking divisions. Following the restructure Credit Suisse's private banking division grew 19 percent per year despite the economic crisis. The firm bumped long-time rival UBS off

6160-472: The securities and, in particular a large stake in Credit Suisse , until 1903 dismantled in favor of bonds to 3.8%. In 1922 the remaining shares were also sold. Whether the sale of all shares was a too conservative investment strategy, is difficult to judge in hindsight; those responsible could foresee neither the 1929 global economic crisis still very good economic development in the 20th century. Placing

6248-469: The spacious park area, Stauffer portrayed Lydia Escher, but also Lydia's fatherly friend Gottfried Keller. Lydia and Emil Welti-Escher enabled Stauffer to work in Rome. In October 1889 Lydia and her husband moved to Florence , but shortly after, Friedrich Emil Welti went back to Switzerland for financial reasons, and left his wife in care of Karl Stauffer. Lydia and Stauffer fell in love, and Lydia told to Stauffer's mother to marry him. In 1888, still under

6336-538: The sponsorship of his patrons, the Welti-Escher family, Karl Stauffer-Bern went to Rome to study sculpture. While there, the liaison of Lydia Welti-Escher with him became public knowledge, the Welti family was outraged, and Lydia and Karl escaped to Rome. Even the divorce from her husband was proposed, but Welti contacted the Swiss Embassy in Rome and used his considerable influence to separate them. Lydia

6424-483: The time. Holder also said "This case shows that no financial institution, no matter its size or global reach, is above the law." Credit Suisse shares rose 1% on the day the $ 2.6 billion penalty was announced. In March 2015, it was announced that Tidjane Thiam , the CEO of Prudential would leave to become the next CEO of Credit Suisse. In September 2016, Brian Chin was appointed Chief Executive of Global Markets and joined

6512-430: The urging of Welti not in the deed of the foundation. The Gottfried Keller Foundation became though an important collection institution for art, but the feminist concerns of Lydia Escher but was not met. The Gottfried Keller foundation, as of today is based in Winterthur, and it is listed as a Swiss inventory of cultural property of national and regional significance . Lydia Escher is considered an outstanding woman of

6600-532: The will of her husband and father-in-law, thus demonstrating to be an emancipated woman after the events in Italy. The recently published psychiatric report about Lydia Escher, dated 27 May 1890, showed that her internment in the clinic in Roma and the diagnosis of systematic madness was fictitious. Also from today's perspective, the arguments and conclusion of the reviewers show that they were convinced that Lydia Escher

6688-559: Was a Swiss patron of the arts . Lydia Escher was one of the richest women in Switzerland in the 19th century, a patron of the arts who most notably established the Gottfried Keller Foundation . Lydia Escher was born into the Escher vom Glas family, an old and influential Zürich family. She was the daughter of Augusta Escher-Uebel (1838–1864) and Alfred Escher (1819–1882), who, among many other business interests,

6776-489: Was a self-confident young woman, who read extensively, mastered several languages and gladly attended music and theatre performances. In her letters to her childhood friend, the painter Louise Breslau , she told her to take singing and piano lessons, and Lydia was inspired by her creative genius. In addition to personal attacks from political opponents, Lydia's father faced serious health problems. He suffered repeated bouts of ill health throughout his life and on many occasions

6864-546: Was called "the spiritual father of the railway law of 1852", for his work defeating the idea of a state-run railway system in Switzerland in favor of privatization. Escher founded Credit Suisse (originally called the Swiss Credit Institution, i.e., Schweizerische Kreditanstalt ) jointly with Allgemeine Deutsche Credit-Anstalt on 5 July in 1856 primarily to provide domestic funding to railway projects, avoiding French banks that wanted to exert influence over

6952-464: Was expected to cost the company $ 800 million and result in 7,000 lost jobs, but save $ 560 million a year. While Credit Suisse First Boston had been struggling, Credit Suisse's overall profits had grown 20 percent over the prior year, reaching $ 664 million. In 1999 Japan's Financial Supervisory Agency temporarily suspended the financial-products division's license to operate in Japan for "window dressing",

7040-579: Was in possession of her full mental health. In 1890, shortly before the end of her tragic life, Lydia Escher invested the Escher family's fortune in a foundation, which she called the Gottfried Keller-Stiftung (GKS), named after Gottfried Keller to whom her father gave consistent support. With her remaining substantial asset – Villa Belvoir and marketable securities totaling nominally 4 million Swiss Francs – Lydia Escher established

7128-583: Was influenced as a result of the trading surge in Q2 of 2020, amid the COVID-19 pandemic . The planned restructuring is set "to reduce costs and improve efficiencies" and features some reverts of alterations brought by the previous CEO, Thiam. According to Gottstein, "These initiatives should also help to provide resilience in uncertain markets and deliver further upside when more positive economic conditions prevail." In November of 2022, Credit Suisse announced that it

7216-443: Was known for strict bank–client confidentiality and banking secrecy . The Financial Stability Board considered it to be a global systemically important bank . Credit Suisse was also a primary dealer and Forex counterparty of the Federal Reserve in the United States. Credit Suisse was founded in 1856 to fund the development of Switzerland's rail system . It issued loans that helped create Switzerland's electrical grid and

7304-516: Was obliged to spend long periods in convalescence. During the critical phase of the Gotthard Rail Tunnel construction in the mid-1870s, Escher nearly worked himself to death. In 1878 he fell so badly ill that he was unable to leave Belvoir for weeks. His life followed a constant pattern of illness and recovery. However, in fulfilling his political and business obligations, in late November 1882 Alfred Escher fell badly ill again, and in

7392-405: Was officially named Gottfried Keller-Stiftung (GKS) after Gottfried Keller , to whom her father gave consistent support. According to the will of Lydia Escher, the foundation was managed by the Swiss Federal Council , thus, Lydia Escher wished to accomplish a "patriotic work". The foundation should also promote the "independent work of women, at least in the field of applied arts", according to

7480-509: Was one of the founders of the Gotthardbahn . A scandal surrounding Alfred Escher's immediate forebears had, however, damaged her family line's reputation. Hans Caspar Escher-Werdmüller (1731–1781) had fathered a child out of wedlock with a maidservant in 1765 and emigrated. His son Hans Caspar Escher-Keller (1755–1831) almost brought Zürich to financial ruin when he went bankrupt. Finally Alfred Escher's father Heinrich Escher (1776–1853) made

7568-407: Was one of the least affected banks during the 2007–2008 financial crisis , but afterwards began shrinking its investment business, executing layoffs and cutting costs. The bank was at the center of multiple international investigations for tax avoidance (such as the famous "Suisse Secrets" scandal) which culminated in a guilty plea and the forfeiture of US$ 2.6 billion in fines from 2008 to 2012. By

7656-431: Was placed in a public insane asylum in Rome, and Stauffer-Bern was jailed after being charged with kidnapping and rape. While staying there, Lydia posted the feminist (emancipatory) publication Gedanken einer Frau (literally: Thoughts of a woman) and planned to publish it. The document is still untraceable, it was probably destroyed during this time along with the majority of Lydia Escher's comprehensive correspondency. It

7744-510: Was selling the majority of its Securitized Products Group to Apollo Asset Management. Credit Suisse cited a reduction in RWA as the primary factor driving the sale. The deal was expected to close in the first half of 2023. [2] The spin-off was branded Atlas SP and the deal ultimately finalized in March of 2024. [3] In December of 2022, Credit Suisse completed a CHF 4.00bn capital increase by the way of

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