Credit Suisse
Company History
Credit Suisse History: Founding, Growth & Key Milestones
Founded 1856 in Zurich, Switzerland
When was Credit Suisse founded?
Credit Suisse was founded in 1856 in Zurich, Switzerland by Alfred Escher, making it 170 years old.
- Founded
- 1856
- Founding place
- Zurich, Switzerland
- Founders
- Alfred Escher
- Headquarters today
- Paradeplatz, Zurich, Switzerland
- Milestones documented
- 12 (1856–2026)
- Current CEO
- Ulrich Körner
- Acquisitions
- 4
| Year | Event |
|---|---|
| 1856 | Founding of Schweizerische Kreditanstalt (SKA) by Alfred Escher: Alfred Escher founds Schweizerische Kreditanstalt in Zurich in July 1856 to finance Switzerland's railway network and industrialization. |
| 1876 | Move to Paradeplatz 8 Headquarters in Zurich: Completes its neoclassical headquarters at Paradeplatz 8 in Zurich, which became a symbol of Swiss banking. |
| 1988 | Acquisition of First Boston (CS First Boston): Merges its joint venture with New York investment bank First Boston, taking a large stake that became control in 1990 and creating CS First Boston. |
| 1997 | Winterthur Merger |
| 2000 | Acquisition of Donaldson, Lufkin & Jenrette for $11.5 Billion: Buys DLJ, then majority-owned by AXA, for about $11.5 billion, becoming a leader in leveraged finance and private equity sponsor advisory. |
| 2008 | Navigating 2008 Crisis Without Swiss State Bailout: Credit Suisse raises about $12 billion (CHF 10 billion) from private investors including Qatar and survives the crisis without state aid, while UBS needs a government and central bank rescue. |
| 2014 | US Tax Evasion Plea |
| 2015 | Tidjane Thiam becomes CEO |
| 2021 | The Dual Collapse of Archegos and Greensill Capital: In March 2021 Credit Suisse freezes about $10 billion of Greensill supply-chain finance funds and loses about $5.5 billion on the Archegos default. |
| 2023 | Historic Emergency Takeover by UBS for CHF 3 Billion: After ~$133 billion (CHF 110.5 billion) of net asset outflows in Q4 2022 and the March 2023 bank panic, the Swiss government arranges UBS's ~$3.6 billion (CHF 3 billion) takeover, and FINMA writes about $19.2 billion (CHF 16 billion) of AT1 bonds to zero. |
| 2024 | Legal Entity Dissolved and Integrated into UBS AG: Credit Suisse AG is merged into UBS AG on May 31, 2024, ending its existence as a separate legal entity. |
| 2026 | All Former Credit Suisse Clients Migrated to UBS: UBS completes the migration of Swiss-booked clients on March 18, 2026, finishing the transfer of about 1.2 million former Credit Suisse clients worldwide. |
- Where was Credit Suisse founded?
- Credit Suisse was founded in Zurich, Switzerland in 1856.
- Who founded Credit Suisse?
- Credit Suisse was founded by Alfred Escher.
- When did Credit Suisse start?
- Credit Suisse was founded in 1856.
- How old is Credit Suisse?
- Credit Suisse is 170 years old as of 2026.
Founding Story
In the 1850s Switzerland's railways were being planned with money from French and German banks. Alfred Escher, a leading Zurich politician and railway promoter, wanted Swiss control, so in 1856 he founded Schweizerische Kreditanstalt. Its share offering was heavily oversubscribed, and the bank went on to finance railways, industry and, eventually, the Gotthard line through the Alps.
Founders
Alfred Escher
Alfred Escher (1819-1882) was a Zurich politician and railway entrepreneur who founded Schweizerische Kreditanstalt, the bank later known as Credit Suisse, in 1856. He wanted Swiss railways financed with Swiss capital rather than by French and German banks. The bank backed the Swiss Northeastern Railway and later the Gotthard Railway, which opened in 1882. Escher chaired the bank's board from 1856 to 1877 and again from 1880 to 1882, and he also pushed for the creation of ETH Zurich and the Rentenanstalt life insurer (now Swiss Life). Alfred Escher was born in 1819.
Key Milestones
Founding of Schweizerische Kreditanstalt (SKA) by Alfred Escher: Alfred Escher founds Schweizerische Kreditanstalt in Zurich in July 1856 to finance Switzerland's railway network and industrialization.
Source: en.wikipedia.orgMove to Paradeplatz 8 Headquarters in Zurich: Completes its neoclassical headquarters at Paradeplatz 8 in Zurich, which became a symbol of Swiss banking.
Source: en.wikipedia.orgAcquisition of First Boston (CS First Boston): Merges its joint venture with New York investment bank First Boston, taking a large stake that became control in 1990 and creating CS First Boston.
Source: en.wikipedia.orgAcquisition of Donaldson, Lufkin & Jenrette for $11.5 Billion: Buys DLJ, then majority-owned by AXA, for about $11.5 billion, becoming a leader in leveraged finance and private equity sponsor advisory.
Source: en.wikipedia.orgNavigating 2008 Crisis Without Swiss State Bailout: Credit Suisse raises about $12 billion (CHF 10 billion) from private investors including Qatar and survives the crisis without state aid, while UBS needs a government and central bank rescue.
Source: en.wikipedia.orgUS Tax Evasion Plea
Credit Suisse pleaded guilty in May 2014 to helping US clients evade taxes and agreed to pay about $2.6 billion.
Source: en.wikipedia.orgTidjane Thiam becomes CEO
Tidjane Thiam became CEO of Credit Suisse in 2015. Returned the bank to profit, with pre-tax income of about $5.64 billion (CHF 4.7 billion) in 2019, and reduced risk-weighted assets, although the spying affair damaged its reputation.
Source: en.wikipedia.orgThe Dual Collapse of Archegos and Greensill Capital: In March 2021 Credit Suisse freezes about $10 billion of Greensill supply-chain finance funds and loses about $5.5 billion on the Archegos default.
Source: en.wikipedia.orgHistoric Emergency Takeover by UBS for CHF 3 Billion: After ~$133 billion (CHF 110.5 billion) of net asset outflows in Q4 2022 and the March 2023 bank panic, the Swiss government arranges UBS's ~$3.6 billion (CHF 3 billion) takeover, and FINMA writes about $19.2 billion (CHF 16 billion) of AT1 bonds to zero.
Source: en.wikipedia.orgLegal Entity Dissolved and Integrated into UBS AG: Credit Suisse AG is merged into UBS AG on May 31, 2024, ending its existence as a separate legal entity.
Source: en.wikipedia.orgAll Former Credit Suisse Clients Migrated to UBS: UBS completes the migration of Swiss-booked clients on March 18, 2026, finishing the transfer of about 1.2 million former Credit Suisse clients worldwide.
Source: ubs.comMajor Acquisitions
First Boston Corporation (CS First Boston)
1988Credit 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)
2000Bought 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 Boston
1988Acquired controlling share to develop global investment banking arm.
Swiss Volksbank
1993Major consolidation event in the Swiss banking industry.
Keep researching Credit Suisse
Credit Suisse Company History FAQ
What were the major historical milestones of Credit Suisse from 1856 to 1980?
Founded in 1856 by Alfred Escher as Schweizerische Kreditanstalt (SKA), the bank financed the Swiss railways, opened its Paradeplatz HQ in 1876, established international branches in New York (1940) and London (1954), and partnered with First Boston in 1978 to create CS First Boston.
When did Schweizerische Kreditanstalt reorganize and rebrand to Credit Suisse Group?
In 1997, after acquiring Swiss Volksbank and Winterthur, the corporate holding structure was officially reorganized and renamed Credit Suisse Group AG, unifying global private banking, retail banking, and investment banking under a single master brand.
How did Credit Suisse handle the 2008 global financial crisis?
Unlike rival UBS (which required a 60 billion CHF Swiss government and central bank bailout), Credit Suisse survived the 2008 crisis without direct state aid by raising 10 billion CHF from sovereign wealth funds in Qatar and Saudi Arabia and hedging toxic mortgage securities.
What historic US tax evasion guilty plea did Credit Suisse enter in May 2014?
In May 2014, Credit Suisse pleaded guilty to US federal criminal charges of aiding thousands of American clients in evading taxes through undeclared Swiss bank accounts, paying a $2.6 billion fine in the first guilty plea by a major global bank in 20 years.
What twin crises struck Credit Suisse in March 2021?
In March 2021, Credit Suisse suffered the simultaneous collapses of Greensill Capital (freezing $10B in client supply chain funds) and family office Archegos Capital Management ($5.5B trading loss), destroying the bank's profitability and reputation.
What occurred during the historic weekend of March 17 to 19, 2023?
Facing heavy outflows, the Swiss Federal Council used emergency law on March 19, 2023 to let UBS buy Credit Suisse for ~$3.6 billion (CHF 3 billion) without a shareholder vote. FINMA ordered about $19.2 billion (CHF 16 billion) of AT1 bonds written to zero, and the Swiss National Bank offered up to $240 billion (CHF 200 billion) of liquidity support.
When was Credit Suisse formally delisted from global stock exchanges?
Credit Suisse Group AG was officially delisted from the SIX Swiss Exchange and the New York Stock Exchange on June 13, 2023, following the legal closing of the merger with UBS Group AG.
What remains of Credit Suisse today within UBS?
Very little remains separately. Credit Suisse AG merged into UBS AG in May 2024, the Swiss bank merged into UBS Switzerland AG in July 2024, and all former Credit Suisse clients were on UBS systems by March 2026. Unwanted assets sit in UBS's Non-core and Legacy unit, and the brand has been retired.
When was Credit Suisse founded?
It was founded in 1856 by Alfred Escher. Originally named Schweizerische Kreditanstalt, it was created specifically to fund the massive expansion of the Swiss railway system and the industrialization of Switzerland.
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