Reducing Activities: company scaling back some business operations while continuing others

Wait Scaling Back

Credit Suisse is the largest Swiss financial conglomerate.

Reducing Activities: company scaling back some business operations while continuing others

Wait Scaling Back
Revenue(RF), mln.USD
4329
Assets(RF), mln.USD
360
Glob.Revenue, mln.USD
14410
Staff(RF), 2021
125
Capital(RF), mln.USD
218

The Swiss bank UBS decided to abandon a significant part of the Russian clients of Credit Suisse and close their accounts.

The Company Statement
August 30, 2023

Stop new business in Russia while meaningfully cutting exposure by 56%. Credit Suisse is shocked, with 17.6 billion Swiss francs blocked in CS alone. UBS sets ‘red lines’ for Credit Suisse staff as it completes takeover. UBS executives have drawn up a list of nearly two dozen “red lines” that prohibit Credit Suisse staff from a range of activities from the first day the two banks are combined, according to people with knowledge of the measures. Prohibited activities include taking on clients from countries such as Libya, Russia, Sudan and Venezuela and launching new products without approval from UBS managers.

August 29, 2023Credit Suisse’s Banker to Russian Billionaires Retained by UBS
August 15, 2023The court banned Credit Suisse and UBS from disposing of the shares of Russian subsidiaries
August 15, 2023The largest bank in Switzerland was deprived of control over Russian subsidiaries
August 01, 2023Switzerland's largest bank will close most of the accounts of Russians at Credit Suisse
June 12, 2023UBS sets ‘red lines’ for Credit Suisse staff as it completes takeover
April 13, 2023Swiss banks will tighten control over the accounts of Russians. They are interested in clients who continue to pay taxes in their home country
February 11, 202317.6 billion Swiss francs blocked Russian funds - alone at CS
March 28, 2022Credit Suisse Stops New Business in Russia, Cuts Exposure
March 28, 2022Credit Suisse has stopped pursuing new client business in Russia
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