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Credit Suisse

Financial ServicesFounded 1856
Reviewed by Swet Parvadiya
Company data updated: October 2026

Acquisitions

Credit Suisse Acquisitions

4

Major Deals Covered

$11.5B

Disclosed Deal Value

What are Credit Suisse's biggest acquisitions?

Credit Suisse's largest disclosed acquisition here is Donaldson, Lufkin & Jenrette (DLJ) for $11.5B in 2000. This page covers 4 major deals from 1988 to 2000, each with its price where disclosed and the reason behind it.

Major deals covered
4
Largest deal
Donaldson, Lufkin & Jenrette (DLJ) ($11.5B)
First deal
1988
Most recent
2000
CompanyYearPricePurpose
First Boston Corporation (CS First Boston)1988UndisclosedCredit Suisse built its stake in Wall Street investment bank First Boston through the 1988 merger with their joint venture, then took control in 1990 after recapitalizing the firm, pairing Zurich private banking with New York M&A and capital markets.
Donaldson, Lufkin & Jenrette (DLJ)2000$11.5BBought New York investment bank Donaldson, Lufkin & Jenrette, then majority-owned by AXA, for about $11.5 billion to lead in leveraged finance and high-yield bonds.
First Boston1988UndisclosedAcquired controlling share to develop global investment banking arm.
Swiss Volksbank1993UndisclosedMajor consolidation event in the Swiss banking industry.
What companies has Credit Suisse bought?
Major acquisitions by Credit Suisse documented here include Donaldson, Lufkin & Jenrette (DLJ) (2000), Swiss Volksbank (1993), First Boston Corporation (CS First Boston) (1988) and First Boston (1988).
What is Credit Suisse's most recent acquisition?
The most recent Credit Suisse acquisition documented here is Donaldson, Lufkin & Jenrette (DLJ), in 2000, for $11.5B.

Donaldson, Lufkin & Jenrette (DLJ)

2000

$11.5B

Why

Bought New York investment bank Donaldson, Lufkin & Jenrette, then majority-owned by AXA, for about $11.5 billion to lead in leveraged finance and high-yield bonds.

Impact

Made Credit Suisse First Boston a leader in high-yield underwriting and sponsor finance, while adding a large cost base at the peak of the dot-com boom.

Outcome

Solidified Credit Suisse's dominance in leveraged finance, but saddled the bank with cultural friction and volatile balance-sheet exposures.

Source →

Swiss Volksbank

1993

Why

Major consolidation event in the Swiss banking industry.

First Boston Corporation (CS First Boston)

1988

Why

Credit Suisse built its stake in Wall Street investment bank First Boston through the 1988 merger with their joint venture, then took control in 1990 after recapitalizing the firm, pairing Zurich private banking with New York M&A and capital markets.

Impact

Made Credit Suisse a top-tier global investment bank under the CS First Boston name.

Outcome

Brought investment banking scale, along with a trading and bonus culture that often clashed with Swiss private banking and later fed its risk failures.

Source →

First Boston

1988

Why

Acquired controlling share to develop global investment banking arm.

Credit Suisse's Growth & Acquisition Strategy

Credit Suisse no longer has its own strategy. UBS has wound down most of the investment bank through its Non-core and Legacy unit, kept the Swiss bank, and moved about 1.2 million former Credit Suisse clients onto UBS systems by March 2026. The remaining work in 2026 is shutting legacy IT and reaching UBS's target of about $13.5 billion in gross cost savings.

How Credit Suisse Makes Money

Credit Suisse ran a universal banking model with four divisions. Wealth Management earned recurring fees, lending margins and trading commissions from rich families and entrepreneurs, with Switzerland and Asia as core markets. The Swiss Bank took deposits and made mortgage and business loans at home, and it was the steadiest profit source. The Investment Bank earned advisory, underwriting and trading revenue in New York and London, while Asset Management collected fees on funds for pension funds and other institutions. The volatile investment bank, and the risk taken to feed it, is what caused the losses that sank the group.

Credit Suisse Acquisitions FAQ

What was the significance of Credit Suisse's acquisition of First Boston in 1990?

Credit Suisse took control of Wall Street bank First Boston in 1990 after recapitalizing it, creating CS First Boston. The deal made Credit Suisse a global investment banking leader but also imported a high-risk trading culture.

Why did Credit Suisse acquire Donaldson, Lufkin & Jenrette (DLJ) in 2000?

In August 2000, Credit Suisse acquired top-tier Wall Street investment bank Donaldson, Lufkin & Jenrette for $11.5 billion from AXA. The acquisition cemented Credit Suisse's #1 position in high-yield debt (junk bonds) and leveraged finance, but significantly increased its fixed cost base.

How did the 1993 purchase of Swiss Volksbank expand domestic banking?

In 1993 Credit Suisse took over Schweizerische Volksbank, one of Switzerland's largest banks, which greatly expanded its domestic branch network and its retail and small-business client base.

What was the strategic purpose of acquiring Winterthur Insurance in 1997?

In 1997 Credit Suisse merged with insurer Winterthur to build an 'Allfinanz' model that cross-sold banking and insurance. The combination never delivered, and Credit Suisse sold Winterthur to AXA in 2006 for ~$14.8 billion (CHF 12.3 billion).

Why did Credit Suisse acquire Brazilian wealth management firm Hedging-Griffo in 2007?

In 2007 Credit Suisse bought into Brazilian wealth and asset manager Hedging-Griffo, giving it a leading position with wealthy Brazilian families.

What did Credit Suisse buy from Morgan Stanley in 2013?

In 2013 Credit Suisse acquired Morgan Stanley's wealth management business in Europe, the Middle East and Africa, which managed about $13 billion of client assets.

What was the ultimate emergency acquisition that dissolved Credit Suisse in 2023?

On March 19, 2023, UBS Group AG acquired Credit Suisse Group AG for 3.0 billion CHF in an emergency transaction orchestrated by FINMA and the Swiss Federal Council, marking the largest emergency bank takeover since the 2008 global financial crisis.

What happened to Credit Suisse's Securitized Products Group during the 2022 restructuring?

In late 2022, Credit Suisse sold the majority of its Securitized Products Group (SPG) to alternative asset manager Apollo Global Management, transferring tens of billions in mortgage-backed assets and financing vehicles to reduce risk before the final collapse.

Did UBS buy Credit Suisse?

Yes. In March 2023, to prevent a massive global financial meltdown, the Swiss government bypassed shareholder voting laws and forced UBS to acquire a collapsing Credit Suisse for just 3 billion Swiss francs, wiping out massive amounts of AT1 bondholders.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.