Timeline of the Credit Suisse bankruptcy

The fall of Credit Suisse, which will be absorbed by UBS in an agreement promoted by the Swiss National Bank, was not the result of a few weeks. The hundred-year-old Swiss bank has been in the stock market for two very difficult years, including a capital increase in 2022, which has already evaporated the value of the shares before the final collapse.

Actions Credit Suisse exceeded CHF 80 in 2007Before the outbreak of the financial crisis that resulted from the bankruptcy of Lehman Brothers. Although the bank was one of the best to have withstood all the turmoil, without having to resort to public support, in 2013 contracts were already trading at more modest levels, CHF25.

Since then, the graph shows an almost continuous decline, which has accelerated in the past two years. In March 2021, the shares settled at 11.50 Swiss francs, compared to the 0.86 Swiss francs they traded on Wednesday and the 0.76 francs valued by the UBS deal. That is, a decrease of 92.5% in this period. but The bank had already started the year on less than 3 Swiss francs Despite the environment that seemed favorable to the sector at the time.

The fact is that the Swiss bank has been in the crosshairs of the hurricane for some time, which forced it in October last year to present an ambitious, ultimately insufficient, restructuring plan, which included Increase capital by 4,000 million francs, lay off 9,000 workers and reduce its expenses by 15%.

The capital increase meant that the Saudi National Bank became the main shareholder in the company, by investing 1,500 million francs in the shares of the entity. It was this company’s refusal to expand its investment that led to the final collapse of the business a few days earlier.

Credit Suisse It also tied up two years of losses for the millionaire: in 2021 it was 1,572 million Swiss francs, and in 2022 it almost doubled to 7,293 million Swiss francs. Last year, the entity also suffered a liquidity withdrawal of 123.200 million Swiss francs.

As if that were not enough, he has been involved in many scandals. In one of them, in January last year, then-president Antonio Horta Osorio was forced to resign after it was discovered that he had traveled and attended a sporting event when he was supposed to be in quarantine during the pandemic.