The Ailing Nation by Nate Link5/20/2023 Last year, the Guardian revealed Credit Suisse had clients involved in torture, drug trafficking, money laundering, corruption and other serious crimes. In 2021, the bank was rocked by the implosion of British short-term lender Greensill and US hedge fund Archegos, its heavy investment in the firms raising questions about its risk management strategy. Two years later, it lost its chief executive Tidjane Thiam over a saga involving corporate espionage, an alleged car chase and personal vendettas. In 2018, a former Credit Suisse banker was sentenced to five years in prison for forging client signatures to divert money and make stock bets without their knowledge, causing more than $150m in losses. In recent years, the bank – which has units for asset management, investment and domestic banking – has come across as not just risk-taking but downright reckless. But Credit Suisse, whose headquarters are only a few metres from UBS’s, and which had survived the crash without requiring help from the public purse, stuck to its swashbuckling path. UBS subsequently pivoted to a more risk-averse focus on wealth management advisory services, managing the money of the world’s richest.
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