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How scandal and mistrust ended Credit Suisse's 166-year run

By Marion Halftermeyer and Myriam Balezou

20 Mar 2023 · 8 min read

Editor's Note

While the decay at the core of Credit Suisse was years in the making, the end came quickly. As Bloomberg reports, one former board member pins the blame on the Swiss bank's leadership - or lack of it.

Credit Suisse Group AG, once one of the stalwarts of the global financial system, is no more.

After tense talks over the weekend, UBS Group AG agreed to buy Credit Suisse in an all-share deal for about $3.25 billion, less than the market value of troubled U.S. lender First Republic Bank. The government-brokered sale marks the Swiss bank's final fall from grace, succumbing to a crisis of confidence that threatened to spread to global financial markets.

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