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Credit Suisse collapsed due to “years of mismanagement”, according to a damning report by Swiss parliamentarians.
The global banking giant, which employed more than 50,000 people worldwide and more than 5,500 in the UK before its bankruptcy in March 2023, was brought down by a bank run as wealthy clients and ordinary customers in Switzerland withdrew funds .
The bank was eventually rescued by archrival UBS, a move that was backed by the Swiss government.
Before its collapse, Credit Suisse had gone from crisis to crisis. Although the report lashed out at the Swiss government and regulators, it ultimately blamed the bank’s management for its collapse.
Mismanagement: Credit Suisse fell in a bank run as rich clients and ordinary clients in Switzerland withdrew their funds
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