Credit Suisse was taken over by UBS in a deal orchestrated by the Swiss government. In March 2021, after Greensill declared insolvency, Credit Suisse closed four connected funds in which around $10 billion had been invested. ArchegosJust four weeks after the Greensill collapse, Credit Suisse was rocked by the implosion of US hedge fund Archegos, which cost the bank more than $5 billion. The court found that the Credit Suisse affiliate "was prioritising the revenues Mr Lescaudron generated for Credit Suisse over the interests of its clients". Bulgarian cocaine networkIn June 2022, Credit Suisse was slapped with a $2 million fine in a money laundering case linked to a Bulgarian cocaine network.

Source: The Star March 19, 2023 22:31 UTC