I keep finding information online about how Credit Suisse was in "trouble" for over a decade, and how CS investment bank was the main problem. What is/was so toxic about their investment bank? What was the cause of all of the concern? As far as I can tell, it had nothing to do with interest rate risk/the causes of the U.S. commercial bank failures.
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It wasnt really the “IB” that we call on this website, which would be the advisory arm, that caused the issues. Yes there were couple bad deals like citrix, but it was mostly their lack of discipline and risk management in other divisions like prime brokerage that caused the bill hwang debacle. Ive seen that the firm as a whole was lacking discipline in that regard as well and had problems picking right leadership in the recent years to manage the continued mishaps
plus i think its a reach to say that recent happenings had no connection to cs blowing up — recent bank runs and economic downturns were just the final dagger. The bank might have still been intact without those
Yes but Archegos blew up in 2021, what happened in 2023 that caused CS's problems to worsen?
to CS's fairness, they just got caught and got fucked at the wrong time with all the fear and uncertainty in the market. their restructuring efforts prior to UBS deal looked promising, at least to me, but it just didn't have time to see it come to fruition.
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