[rluhar]

TLDR - Credit Suisse has been a sh*t show for over a decade. This has been coming for a while.

Credit Suisse is in investment banking and wealth management. It does not have a significant retail presence (EDIT - outside of Switzerland). Credit Suisse has also had a number of accounting, risk management, and other scandals over the last few years. They were bailed out late last year by a fund linked with Saudi Arabia who took a ~10% stake in the company. Today, they (the Saudi fund) refused to inject more capital and the shares have collapsed.

[esja]

What? CS has a massive retail bank. It’s their most profitable division and has existed for 150+ years.

[rluhar]

Wealth Management is not the same as retail banking.

"The Wealth Management division offers comprehensive wealth management and investment solutions and tailored financing and advisory services to ultra- high-net-worth (UHNW) and high- net-worth (HNW) individuals and external asset managers"

Reference: https://www.credit-suisse.com/about-us/en/our-company/struct...

[rscho]

Crédit Suisse has a major retail presence in Switzerland, at least.