2023-03-16 — bloomberg.com
In mid-March, unease about the bank's mounting problems snowballed and its shares slumped, forcing management to appeal to Swiss banking authorities for a public vote of confidence.
Credit Suisse's failings have included a criminal conviction for allowing drug dealers to launder money in Bulgaria, entanglement in a Mozambique corruption case, a spying scandal involving a former employee and an executive and a massive leak of client data to the media. Its association with disgraced financier Lex Greensill and failed New York-based investment firm Archegos Capital Management compounded the sense of an institution that didn't have a firm grip on its affairs. Many fed up clients have voted with their feet, leading to unprecedented client outflows in late 2022.
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