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Encyclopedia > Credit Suisse
Credit Suisse
Type Holding company
Founded 1856
Headquarters Zürich, Switzerland
Key people Brady Dougan (CEO), Oswald Grübel (Former CEO)
Industry Financial services
Revenue CHF 38.603 billion
Net income CHF 11.327 billion
Employees 44,871 (as of 2005)
Slogan Thinking new perspectives.
Website www.credit-suisse.com

The Credit Suisse Group (SWX:CSGN, NYSECS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Credit Suisse was founded in 1856 under the name Schweizerische Kreditanstalt (SKA, Swiss Credit Institution). The bank is organized into three divisions, Investment Banking, Private Banking, and Asset Management. Shared Services, which includes functions such as IT and legal/compliance, encompasses all three major areas. Image File history File links Credit_suisse_logo. ... For the band, see Big Brother and the Holding Company. ... For other uses of Zurich, see Zurich (disambiguation). ... Financial services is a term used to refer to the services provided by the finance industry. ... For the tax agency in Ireland of the same name, see Revenue Commissioners. ... Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue. ... This article is about work. ... Look up slogan in Wiktionary, the free dictionary. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos or other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... SWX Swiss Exchange, Zurich SWX Swiss Exchange is Switzerlands stock exchange, based in Zürich. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Financial services is a term used to refer to the services provided by the finance industry. ... For other uses of Zurich, see Zurich (disambiguation). ... Swiss banks are world-renowned for their stability, privacy and protection of clients. ... UBS AG (NYSE: UBS; SWX: UBSN; TYO: 8657) is a diversified global financial services company, with its main headquarters in Basel & Zürich, Switzerland. ... Investment banks help companies and governments (or their agencies) raise money by issuing and selling securities in the capital markets (both equity and debt). ... Private banking is done by major institutional banks known as private banks, which offer financial services to private individuals. ... Asset management is the method that a company uses to track fixed assets, for example factory equipment, desks and chairs, computers, even buildings. ... Shared Services are the convergence and streamlining of an organisation’s functions to ensure that they deliver the organisation the services required of them as effectively and efficiently as possible. ...


In 1940, it opened its first branch outside of Switzerland, in New York City. In 1988, it gained a controlling stake in The First Boston Corporation, hence the long-time name of its investment banking unit Credit Suisse First Boston. In 1993, Credit Suisse Group bought Schweizerische Volksbank (People's Bank of Switzerland). In 1996 the two retail banks were merged and renamed Credit Suisse. In 2000, it acquired the investment bank Donaldson, Lufkin & Jenrette (DLJ) and, with it, an e-commerce software portfolio, including DLJ Direct, that it later sold to the Bank of Montreal. New York, New York and NYC redirect here. ... First Boston Corporation was a New York-based investment bank, founded in 1932 and acquired by Credit Suisse in 1988, when it became CS First Boston. Globally referred to as Credit Suisse First Boston after 1996, the First Boston part of the name was phased out in 2006. ... Credit Suisse First Boston (CSFB) is a bulge bracket New York City based investment banking and financial services firm. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Donaldson, Lufkin & Jenrette was an investment bank founded by William H. Donaldson, Richard Jenrette and Dan Lufkin in 1959. ... Electronic commerce, EC, e-commerce or ecommerce consists primarily of the distributing, buying, selling, marketing, and servicing of products or services over electronic systems such as the Internet and other computer networks. ... BMO redirects here. ...

Contents

Structure

The Credit Suisse Group is structured in three divisions, Investment Banking, Private Banking and Asset Management . On January 16, 2006, Credit Suisse First Boston, now the Investment Banking division, re-branded, becoming simply Credit Suisse.


Credit Suisse

Credit Suisse Building in London

The Credit Suisse business unit is a provider of a wide-ranging of financial services in Europe and other selected markets. It offers investment products, private banking and financial advisory services for private and corporate clients. Image File history File links Metadata Size of this preview: 450 × 600 pixelsFull resolution‎ (2,448 × 3,264 pixels, file size: 3. ... Image File history File links Metadata Size of this preview: 450 × 600 pixelsFull resolution‎ (2,448 × 3,264 pixels, file size: 3. ...

  • Private Banking - Credit Suisse is one of the world’s largest private banking organizations with branches in Switzerland, Narre Warren, Caroline Springs and numerous international markets. Private Banking specializes in providing personal investment counseling and professional asset management to affluent and high-net-worth individuals.
  • Corporate & Retail Banking - In Corporate & Retail Banking, Credit Suisse occupies a leading position in the Swiss market. It provides a wide range of high-quality banking services for private and corporate clients in Switzerland. In addition, it offers clients user-friendly and innovative online banking services.
  • Financial Institutions - Expert to expert banking. Professional advice and tailor-made solutions for banks and financial institutions all around the world.

Private banking is done by major institutional banks known as private banks, which offer financial services to private individuals. ...

Credit Suisse First Boston (Renamed Credit Suisse, Investment Banking Division)

Credit Suisse First Boston (Renamed Credit Suisse) is active in investment banking, capital markets and financial services, it is a member of the prestigious bulge bracket of securities firms. Credit Suisse First Boston (CSFB) is a bulge bracket New York City based investment banking and financial services firm. ...

Ownership equity, commonly known simply as equity, also risk or liable capital, is a financial term for the difference between a companys assets and liabilities -- that is, the value that accrues to the owners (sole proprieter, partners, or shareholders). ... This article does not cite any references or sources. ... This article is about the concept. ... Investment banks help companies and governments (or their agencies) raise money by issuing and selling securities in the capital markets (both equity and debt). ... The phrase mergers and acquisitions (abbreviated M&A) refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another business...

Credit Suisse Private Banking CSPB (Renamed Credit Suisse Private Banking Division)

In Private Banking, Credit Suisse provides comprehensive advice and a broad range of investment products and services tailored to the complex needs of high-net-worth individuals globally. Credit Suisse’s structured advisory process encompasses both asset and liability management. Furthermore, Credit Suisse is a leading provider of innovative alternative investment products. Wealth management solutions include tax planning; pension planning; life insurance solutions; wealth and inheritance advice, trusts and foundations. Credit Suisse offers multiple booking platforms and global execution capabilities. In Switzerland, Credit Suisse supplies banking products and services to private banking clients as well as to business and retail clients.


Asset Management

In its asset management business, Credit Suisse offers products across the full spectrum of investment classes, ranging from equities, fixed income and multiple-asset class products, to alternative investments such as real estate, hedge funds, private equity and volatility management. Credit Suisse’s asset management business manages portfolios, mutual funds, and other investment vehicles for a broad spectrum of clients ranging from governments, institutions and corporations to private individuals. With offices focused on asset management in 18 countries, Credit Suisse’s asset management business is operated as a globally integrated network to deliver the bank’s best investment ideas and capabilities to clients around the globe.


Shared Services

In Shared Services, Credit Suisse provides high-quality, cost-effective services to support the divisions, while improving independent controls. The Shared Services divisions include CFO, COO, CRO, General Counsel, and IT division.


Winterthur was divested from Credit Suisse on June 14, 2006. AXA acquired the leading Swiss insurance company from Credit Suisse Group for about 8 billion Euros. [1] The city church of Winterthur, a local landmark Winterthur is a city in the canton of Zurich in Switzerland. ... Not to be confused with Sun Life Financial. ...


Units

The company has three operating units as of 2004.

Private banks are banks which are not incorporated, and hence the entirety of their assets is available to meet the liabilities of the bank. ... Credit Suisse First Boston (CSFB) is a bulge bracket New York City based investment banking and financial services firm. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Asset management is the method that a company uses to track fixed assets, for example factory equipment, desks and chairs, computers, even buildings. ...

History

Credit Suisse's older logo
Credit Suisse's older logo
  • 1856 - Credit Suisse founded
  • 1905 - First branch (in Basel)
  • 1940 - First branch outside Switzerland (in New York)
  • 1978 - Start of co-operation with The First Boston Corporation
  • 1988 - Controlling stake in The First Boston Corporation, which is renamed CS First Boston
  • 1989 - CS Holding became parent company of the Group
  • 1990 - Acquisition of Bank Leu
  • 1993 - Acquisition of Swiss Volksbank
  • 1994 - Strategic alliance with Swiss Re
  • 1995 - Strategic alliance with Winterthur Group
  • 1996 - CS Holding becomes Credit Suisse Group; investment banking business named Credit Suisse First Boston (CSFB)
  • 1997 - Merger with Winterthur Group
  • 2000 - Acquisition of Donaldson, Lufkin & Jenrette (DLJ)
  • 2001 - Sponsorship for the Sauber Petronas Team (now BMW Sauber F1 Team)
  • 2002 - Streamlining of the Group's organizational structure into two business units: Credit Suisse Financial Services and Credit Suisse First Boston
  • 2004 - Focusing the Group's organizational structure on three business units:Credit Suisse, Credit Suisse First Boston and Winterthur
  • 2006 - Credit Suisse divests Winterthur to AXA; First Boston and CSFB names dropped

Image File history File links Credit_suisse_oldlogo. ... Image File history File links Credit_suisse_oldlogo. ... Credit Suisse First Boston (CSFB) is a bulge bracket New York City based investment banking and financial services firm. ... Credit Suisse First Boston (CSFB) is a bulge bracket New York City based investment banking and financial services firm. ... Credit Suisse First Boston (CSFB) is a bulge bracket New York City based investment banking and financial services firm. ... Donaldson, Lufkin & Jenrette was an investment bank founded by William H. Donaldson, Richard Jenrette and Dan Lufkin in 1959. ...

Mergers & Acquisitions

CSFB USA is a wholly owned subsidiary of Credit Suisse First Boston Inc., which is, in turn, a wholly owned subsidiary of CS. CS is a wholly owned subsidiary of CSG. CSFB USA was created through the merger with DLJ, which was completed on Nov. 3, 2000. CSFB LLC, CSFB's principal U.S. registered broker-dealer subsidiary, became a subsidiary of DLJ, and DLJ changed its name to CSFB USA.


Prior to the DLJ Merger, the Credit Suisse Group (CS) purchased First Boston in 1988 creating CS First Boston. The firm's bulge bracket status came after the merger with Donaldson, Lufkin, & Jenrette (DLJ).[2]


Criticisms

In 2007, Credit Suisse was criticised for coordinating the listing of the Malaysian logging corporation Samling at the Hong Kong stock exchange. Environmentalists accuse Samling of rainforest destruction and illegal logging. Credit Suisse maintains that Samling was critically assessed prior to its initial public offering by experts from the banks that participated in the listing and by an independent agency. The conclusion was that the company meets all relevant national and international standards on sustainable forestry.[3][4][5] The gravity of global rainforest destruction has become increasing apparent with satellite imagery now clarifying the extent and widespread nature of the modification. ... Illegal logging is the harvest, transportation, purchase or sale of timber in violation of national laws. ... “IPO” redirects here. ...


Quick facts

  • Frank Quattrone was poached from Deutsche Bank and helped CS jump to the top of the tech and Internet advisory league tables in the late '90s. He was later caught up in a lawsuit regarding the illegal deletion of data relating to Mergers and acquisitions deals and was subsequently sacked by the firm. Quattrone was cleared in 2006 after reaching a deal with prosecutors after a retrial collapsed.
  • CS was ranked #2 in the total volume of high-yield bond issuance and #1 in high-yield transactions in 2004, it also held the #3 position in global IPO underwriting in 2004.
  • CS was awarded the Best Foreign Investment Bank in Indonesia in 2005.
  • Winterthur Group was divested to AXA, the French insurance company for approximately $10B on July 14th, 2006.
  • The firm's High Yield/Distress Trading Desk is consistently ranked the best group on Wall Street for both bonds and bank debt. The Leverage Finance division's strength originates from the acquisition of DLJ
  • Austin Healey the former English rugby union footballer, who played as a utility back for Leicester Tigers, and has represented England and the British Lions now works for Credit Suisse.
  • Sir John Major the former British Prime Minister acts as an advisor to the firm

Frank Quattrone (born 1956) is a former investment banker at Credit Suisse First Boston who helped bring dozens of companies public during the 1990s tech boom, including Netscape, Cisco, and Amazon. ... Deutsche Bank AG (IPA: [1]) (ISIN: DE0005140008, NYSE: DB) (English: ) is a bank operating worldwide and employing more than 75,000 people (June, 2007). ... High yield debt (non-investment grade or junk bond) is a business term referring to a corporate debt instrument, usually a bond, that has a higher yield (compared to investment grade debt) because of a high perceived credit risk (default risk). ... Wikipedia does not yet have an article with this exact name. ... Morgan Stanley (NYSE: MS) is one of the largest and the most reputed investment banks headquartered in New York City. ... This article is about the corporation. ... “IPO” redirects here. ... Credit Suisse First Boston (CSFB) is a New York City based investment banking and financial services firm. ... This article deals with Salomon Brothers. ... A Collateralized Mortgage Obligation (CMO) is a type of Mortgage Backed Security, which has been divided up into tranches. ... Winterthur Group is a multinational insurance company founded in Winterthur Switzerland in 1875. ... Not to be confused with Sun Life Financial. ... DLJ is a three-letter abbreviation. ... The Right Honourable Sir John Major, KG, CH (born 29 March 1943) is a senior British politician who served in the cabinets of Margaret Thatcher as Foreign Secretary and Chancellor of the Exchequer before succeeding Thatcher as Conservative Party leader and Prime Minister of the United Kingdom from 1990 to...

See also

The European Financial Services Roundtable (EFSR) is a European organization, located in Brussels, Belgium, of financial service companies to provide a voice on policies of the European Union related to financial matters. ...

Main competitors

ABN AMRO (Euronext: AAB, NYSE: ABN) was in the period of 1991 till 2007 one of the largest banks in Europe and had operations in about 63 countries around the world. ... Barclays Capital is the investment banking division of Barclays Bank plc. ... The Bear Stearns Companies, Inc. ... Banc of America Securities LLC (BAS), based in New York City, is the investment banking subsidiary of Bank of America. ... BNP Paribas (Euronext: BNP, TYO: 8665 ) is one of the main banks in Europe and France. ... Citigroup Inc. ... Deutsche Bank AG (IPA: [1]) (ISIN: DE0005140008, NYSE: DB) (English: ) is a bank operating worldwide and employing more than 75,000 people (June, 2007). ... Dresdner Kleinwort (DKIB) is the investment bank of Dresdner Bank AG, part of the Allianz Group since July 2001. ... The Goldman Sachs Group, Inc. ... For other uses, see HSBC (disambiguation). ... J.P. Morgan Chase & Co. ... Lazard Ltd. ... Lehman Brothers Holdings Inc. ... Macquarie Bank Limited is an Australian merchant bank and financial services group, providing a broad range of products and services to investors, corporations and government. ... Merrill Lynch & Co. ... Morgan Stanley (NYSE: MS) is one of the largest and the most reputed investment banks headquartered in New York City. ... This does not cite its references or sources. ... UBS AG (NYSE: UBS; SWX: UBSN; TYO: 8657) is a diversified global financial services company, with its main headquarters in Basel & Zürich, Switzerland. ... RBC Capital Markets is the corporate and investment banking division of Royal Bank of Canada (RBC). Depending on the jurisdiction, the division uses different broker dealer subsidiaries of RBC: Canada: RBC Dominion Securities Inc Europe: RBC Europe Limited US: RBC Capital Markets Corp and RBC Dain Rauscher Inc RBC Capital... For Moravian settlements in North Carolina, see Wachovia, North Carolina. ...

Notes and references

  1. ^ [1]
  2. ^ [2]
  3. ^ Bruno Manser Fonds: Rainforest NGOs launch campaign against Samling stock exchange listing
  4. ^ Protest against the Samling involvement (in German)
  5. ^ Media release of Samling, May 9, 2007
  • Company timeline

External links

  • Official site

Company data


  Results from FactBites:
 
Party-pooper steals show as new Credit Suisse CEO | Reuters (0 words)
ZURICH (Reuters) - Brady Dougan used to be known as the Credit Suisse (CSGN.VX: Quote, Profile, Research) investment bank head who banned parties and color photocopying -- part of a larger drive to reform an institution that was badly damaged by the 2002 downturn.
But on Thursday, the 47-year-old American won his spurs as a top global manager after he was named chief executive of the 150-year-old Swiss bank in a move that stunned investors and helped send Credit Suisse shares to a record high.
Big questions include whether Credit Suisse will keep its slate clean after giving investors some nasty surprises, including a 3.3-billion-franc loss in 2002 and fines from U.S. regulators during the euphoria of the dot-com era.
SAS | Customer Success: Credit Suisse (898 words)
Credit Suisse was one of the first banks to recognize the potential of the Internet as a viable new business channel.
With the explosion in data volumes, Credit Suisse found that the original management information system (MIS), set up in early 1998 to track Direct Net activity, could not keep pace.
"Credit Suisse is very impressed at the speed with which this solution has been built, and the power and flexibility of SAS."
  More results at FactBites »

 
 

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