Credit Suisse was the latest financial institution to collapse last week following market jitters over the implosion of Silicon Valley Bank and comments from the head of Credit Suisse’s large shareholder, Saudi National Bank, that it had ruled out providing new capital. Once the nation’s second-biggest bank, Credit Suisse was acquired by UBS just days after its stock plummeted by a fifth to fresh record lows. Reuters produced a string of scoops on the bank’s meltdown, delivering first and fast coverage of the demise of one of the most influential investment banks in the world.
A week before the comments from Saudi National Bank sent Credit Suisse’s stock tumbling, Reuters revealed that during a retreat with top clients in October, the bank’s managers announced a restructuring plan, and said that the company needed billions in capital and planned to spin off the bulk of its investment bank.
A day later, Reuters exclusively reported that Credit Suisse’s head of regulatory compliance, Julian Gooding, was leaving the bank as part of a sweeping overhaul involving thousands of job cuts. Gooding had overseen anti-fraud measures as well as matters relating to market conduct and investors protection.
On March 15, hours after the Saudi National Bank comments, Reuters revealed that Switzerland had come under pressure from at least one major government to intervene on Credit Suisse. As the collapse became evident, Reuters provided exclusives on what was unfolding behind the scenes, including:
- Major European bank tells Credit Suisse to seek urgent central bank liquidity backstop – source
- Exclusive: Credit Suisse says key liquidity measure did not change the week SVB fell
- Exclusive: Credit Suisse to hold internal talks this weekend on scenarios for bank -sources
- Exclusive: UBS seeks about $6 billion in government guarantees for Credit Suisse deal
- Exclusive: Swiss authorities may impose losses on Credit Suisse bondholders
- Two major banks in Europe look to regulators for reassurance
As the dust settled on the collapse of the once-powerful bank, Reuter this week provided a look at how Switzerland’s secretive Credit Suisse rescue has rocked global finance and how the bank’s collapse threatens Switzerland’s wealth management crown.
For more on the unfolding story of Credit Suisse and the European banking sector, visit reuters.com/markets.