Credit Suisse vs Western Union: Founders, CEOs and History
Credit Suisse was founded in 1856 by Alfred Escher and is led by Ulrich Körner. Western Union was founded in 1851 by Hiram Sibley, Ezra Cornell, Samuel Selden and is led by Devin McGranahan.
Company facts
Credit Suisse
- Founded
- 1856
- Headquarters
- Paradeplatz, Zurich, Switzerland
- Current CEO
- Ulrich Körner
- Employees
- 50,480
Western Union
- Founded
- 1851
- Headquarters
- Denver, Colorado, United States
- Current CEO
- Devin McGranahan
- Employees
- 9,600
Founders
Credit Suisse
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.
Western Union
Hiram Sibley
Hiram Sibley helped organize the New York and Mississippi Valley Printing Telegraph Company in 1851. He led the consolidation that produced Western Union in 1856 and became its first president.
Ezra Cornell
Ezra Cornell (1807-1874) built early telegraph lines and merged his holdings into the 1856 consolidation that formed Western Union.
Samuel Selden
Samuel Selden co-founded the New York and Mississippi Valley Printing Telegraph Company in 1851 alongside Hiram Sibley (this company was later renamed Western Union).
Jeptha Wade
Jeptha Wade built telegraph lines in the Midwest and brought them into the 1856 Western Union consolidation.
CEOs and their tenures
Credit Suisse
- Alfred Escher1856–1882
Founder & Board Chairman
Built the domestic capital market that helped industrialize Switzerland and made Paradeplatz in Zurich a banking center.
Source - Brady Dougan2007–2015
Chief Executive Officer
He left in 2015 and Tidjane Thiam succeeded him.
Source - Tidjane Thiam2015–2020
Chief Executive Officer (2015-2020)
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 - Ulrich Körner2022–2024
Chief Executive Officer (2022-2024)
Steered the bank through its final tumultuous months and successfully executed the operational integration of Credit Suisse AG into UBS AG before the legal entity's dissolution in May 2024.
Source
Western Union
- Christina Gold2006–2010
President and CEO
Serving as CEO from 2006 to 2010, she aggressively expanded the company's massive global agent network, deeply cementing its absolute dominance in international remittance.
Source - Hikmet Ersek2010–2021
President and CEO
Serving as CEO for over a decade (2010 to 2021), the Turkish-born executive massively expanded Western Union's footprint in critical emerging markets like India and Mexico.
Source - Devin McGranahan2021–present
President and CEO
As the current CEO, he acts as the absolute critical turnaround architect, attempting to save the incredibly profitable but heavily stagnating legacy giant from technological obsolescence.
Source
Timeline: Credit Suisse and Western Union side by side
1851Western Union
Company organized
The New York and Mississippi Valley Printing Telegraph Company is formed in Rochester, New York.
1856Credit Suisse
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…
1856Western Union
Western Union name adopted
The company is renamed after merging with competing telegraph lines.
1861Western Union
Transcontinental telegraph completed
A telegraph line now links the eastern U.S. with California.
1871Western Union
Money transfers begin
Western Union begins offering money transfer services.
1876Credit Suisse
Move to Paradeplatz 8 Headquarters in Zurich: Completes its neoclassical headquarters at Paradeplatz 8 in Zurich, which became a symbol of Swiss banking.
1988Credit Suisse
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.
1994Western Union
Acquired by First Financial Management
First Financial Management bought Western Union out of bankruptcy in 1994, and merged with First Data in 1995.
1997Credit Suisse
Winterthur Merger
Credit Suisse merged with the insurer Winterthur in 1997.
2000Credit Suisse
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…
2006Western Union
Spin-off from First Data
Western Union becomes an independent public company and ends telegram service.
2006Western Union
Final Telegram
Western Union ended its telegram service in January 2006.
2008Credit Suisse
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…
2009Western Union
Acquired Custom House
The Western Union acquired Custom House for $370 million.
2014Credit Suisse
US Tax Evasion Plea
Credit Suisse pleaded guilty in May 2014 to helping US clients evade taxes and agreed to pay about $2.6 billion.
2015Credit Suisse
Tidjane 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.
2017Western Union
$586 million settlement
Western Union settles U.S. fraud and anti-money-laundering charges.
2021Credit Suisse
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.
2021Western Union
New CEO
Devin McGranahan succeeds Hikmet Ersek as CEO at the end of 2021.
2023Credit Suisse
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…
2024Credit Suisse
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.
2025Western Union
Intermex deal agreed
Western Union agrees to buy Intermex for about $500 million in cash.
2026Credit Suisse
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 worldw…
2026Western Union
Intermex close delayed
New York approves the deal in August, while California's DFPI suspends its approval extension.
Acquisitions
Credit Suisse
- Donaldson, Lufkin & Jenrette (DLJ)2000$11.5B
- Swiss Volksbank1993Undisclosed
- First Boston Corporation (CS First Boston)1988Undisclosed
- First Boston1988Undisclosed
Western Union
- International Money Express (Intermex) (pending)2025$500M
- Travelex Global Business Payments2011Undisclosed
- Custom House2009$370M
Questions about Credit Suisse vs Western Union
Who is the CEO of Credit Suisse and The Western Union Company?
Credit Suisse is led by Ulrich Körner and The Western Union Company is led by Devin McGranahan. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Credit Suisse founded vs The Western Union Company?
The Western Union Company was founded in 1851 — 5 years before Credit Suisse, which was founded in 1856. The Western Union Company's longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Credit Suisse.
How many employees does Credit Suisse have compared to The Western Union Company?
Credit Suisse employs approximately 50,480 people, while The Western Union Company employs approximately 9,600. Credit Suisse has the larger workforce at 50,480 employees, compared to The Western Union Company's 9,600. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are Credit Suisse and The Western Union Company headquartered?
Credit Suisse is headquartered in Switzerland and The Western Union Company is headquartered in United States. Their different home markets mean they may face different regulatory frameworks, tax regimes, and currency exposure.
Who founded Credit Suisse and The Western Union Company?
Credit Suisse was founded by Alfred Escher. The Western Union Company was founded by Hiram Sibley, Ezra Cornell, Samuel Selden, Jeptha Wade.
Which company has a longer operating history — Credit Suisse or The Western Union Company?
The Western Union Company has been operating for approximately 175 years, making it the more established of the two companies. Credit Suisse has been in operation for around 170 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Credit Suisse vs Western Union overview