Mar 2021
Turning point
Credit Suisse closes Greensill linked funds
Credit Suisse closed four supply chain finance funds linked to Greensill Capital at short notice. Clients had about $10 billion invested in them at the time, FINMA later said.
Company
How the Credit Suisse collapse and UBS takeover unfolded
After losses tied to Greensill Capital and Archegos in 2021 and heavy client outflows in late 2022, Credit Suisse lost market confidence in March 2023. Swiss authorities arranged its takeover by UBS, and FINMA ordered about 16 billion francs of AT1 bonds written off. A Swiss court annulled that order in October 2025, and appeals are pending at the Federal Supreme Court.
March 2021 to today · 25 dated events · 24 sources
Where it stands now · as of 1 November 2026
Credit Suisse has been part of UBS since June 2023. The Federal Supreme Court had not yet ruled on the FINMA and UBS appeals against the October 2025 decision annulling the AT1 write-down as of late October 2026, and the bonds stay written down meanwhile under its December 2025 grant of suspensive effect.
In 30 seconds: the turning points
- Mar 2021 Credit Suisse closes Greensill linked funds
- Mar 2021 Archegos default hits Credit Suisse
- 15 Mar 2023 Shares hit a record low and authorities issue a statement
- 19 Mar 2023 UBS agrees to take over Credit Suisse
- 19 Mar 2023 FINMA orders AT1 bonds written off
- 20 Dec 2024 Parliamentary inquiry blames bank management
UBS takeover priceCHF 3bnall share deal, 19 March 2023
AT1 bonds written offCHF 16bnper FINMA, March 2023
client outflows in Q4 2022CHF 110bn+per Reuters
Archegos loss$5bn+per FINMA
Timeline of events
Overview · Mar 2021 to 15 Oct 2026 · click a dot to jump
2021
Mar 2021
Turning point
Archegos default hits Credit Suisse
The family office Archegos collapsed, causing large losses at several investment banks. FINMA later said Credit Suisse's exposure had reached $24 billion that month and its loss exceeded $5 billion, the largest of any bank involved.
6 Apr 2021
Credit Suisse books a 4.4 billion franc Archegos charge
Credit Suisse estimated a 4.4 billion Swiss franc charge from Archegos, cut its dividend, halted share buybacks and announced the departures of its chief risk officer and investment bank head, Reuters reported.
“Serious lessons will be learned.”Thomas Gottstein, Credit Suisse chief executive, Investing.com (Reuters)
· · · 20 months later
2022
Dec 2022
Credit Suisse raises 4 billion francs from investors
Credit Suisse raised 4 billion Swiss francs from investors in December 2022 as part of an overhaul that included job and cost cuts and a separate investment bank under the CS First Boston brand, Reuters reported.
2023
9 Feb 2023
Record outflows and a 7.3 billion franc annual loss
Credit Suisse reported a 2022 loss of 7.29 billion Swiss francs and more than 110 billion francs of client outflows in the fourth quarter, Reuters reported. FINMA said liquidity buffers were being rebuilt.
“We have a clear plan to create a new Credit Suisse.”Ulrich Koerner, Credit Suisse chief executive, Yahoo Finance (Reuters)
28 Feb 2023
FINMA finds serious breaches over Greensill
FINMA concluded enforcement proceedings over Credit Suisse's Greensill relationship, finding serious organisational deficiencies. It ordered executive board review of about 500 key client relationships and opened four proceedings against former managers.
“seriously breached its supervisory duty to adequately identify, limit and monitor risks”FINMA, Swiss Financial Market Supervisory Authority (FINMA)
15 Mar 2023
Turning point
Shares hit a record low and authorities issue a statement
Credit Suisse shares closed nearly 25 percent lower at 1.69 francs after its largest shareholder, Saudi National Bank, said it would not invest more. That evening the Swiss National Bank and FINMA said the bank met capital and liquidity requirements and that liquidity would be provided if needed, swissinfo.ch reported.
“If necessary, the SNB will provide CS with liquidity.”Swiss National Bank and FINMA joint statement, swissinfo.ch
16 Mar 2023
Credit Suisse to borrow up to 50 billion francs
Credit Suisse said it would borrow up to 50 billion Swiss francs from the Swiss National Bank through a covered loan facility and a short term liquidity facility, and offered to buy back some of its debt, NBC News reported. swissinfo.ch also reported the liquidity facility and a planned repurchase of about 3 billion francs of debt.
“These measures demonstrate decisive action to strengthen Credit Suisse”Ulrich Koerner, Credit Suisse chief executive, NBC News
19 Mar 2023
Turning point
UBS agrees to take over Credit Suisse
UBS agreed an all share takeover valuing Credit Suisse at 3 billion Swiss francs, one UBS share for every 22.48 Credit Suisse shares, without a shareholder vote. UBS said it had pre agreement from FINMA, the Swiss National Bank and the Federal Department of Finance.
“This acquisition is attractive for UBS shareholders”Colm Kelleher, UBS chairman, UBS Group AG
19 Mar 2023
Turning point
FINMA orders AT1 bonds written off
FINMA approved the takeover and said the extraordinary government support triggered a complete write-down of Credit Suisse's AT1 capital instruments, worth about 16 billion francs. The Swiss Confederation guaranteed potential losses on certain assets above a threshold, FINMA said.
7 Jun 2023
Parliament sets up an inquiry committee
The Swiss Federal Assembly set up a parliamentary investigation committee (PUK) of seven members from each chamber to examine how the federal authorities handled the emergency merger. Parliament's page puts the state guarantees at 257 billion francs, not all of them drawn.
12 Jun 2023
UBS completes the acquisition
Credit Suisse Group AG merged into UBS Group AG and its shares traded for the last time on the SIX Swiss Exchange, UBS said. UBS kept two parent banks, UBS AG and Credit Suisse AG, pending integration.
“We are now one Swiss global firm and, together, we are stronger.”Colm Kelleher, UBS chairman, UBS Group AG
24 Jul 2023
FINMA finds systematic breaches over Archegos
FINMA said Credit Suisse repeatedly tolerated risk limit breaches on Archegos and ordered corrective measures from UBS as its legal successor. The US Federal Reserve and the UK Prudential Regulation Authority announced findings at the same time and imposed fines of $268.5 million and 87 million pounds, FINMA said.
“Credit Suisse had seriously and systematically violated financial market law”FINMA, Swiss Financial Market Supervisory Authority (FINMA)
19 Dec 2023
FINMA publishes its lessons learned report
FINMA said Credit Suisse lost market confidence through unfinished strategy changes, repeated failures and management errors, with risk management deficiencies in almost all its problems. It listed 43 preliminary investigations since 2012 and asked for powers to fine and rules making senior managers individually accountable.
“The specific case of Credit Suisse illustrates both the possibilities and the limits of supervision.”Marlene Amstad, FINMA board chair, Swiss Financial Market Supervisory Authority (FINMA)
2024
20 Dec 2024
Turning point
Parliamentary inquiry blames bank management
The PUK's 569 page report attributed the collapse mainly to years of mismanagement at Credit Suisse and found no causal misconduct by the authorities, Reuters reported. It criticised FINMA's capital relief for the bank and former finance minister Ueli Maurer's handover to his successor. Parliament lists 20 recommendations, six postulates, four motions and one parliamentary initiative.
“the PUK does not see any causal misconduct on the part of the authorities”PUK report, as quoted by Reuters, Investing.com (Reuters)
2025
Mar 2025
Parliament approves the inquiry's proposals
Both chambers took note of the PUK report and approved its motions, postulates and initiative in the spring session, after which the committee was dissolved, according to parliament.
1 Oct 2025
Turning point
Court annuls the AT1 write-down order
The Federal Administrative Court issued a partial decision in the first of about 360 related cases, annulling FINMA's 19 March 2023 order to write off the AT1 instruments. It did not yet rule on the consequences, and FINMA said the decision was not final.
14 Oct 2025
Court publishes its reasoning
The court published the decision, finding that the write-down had no legal basis. It said about 3,000 appellants had brought about 360 cases over instruments with a nominal value of about 16.5 billion francs, and that the decision could be appealed to the Federal Supreme Court.
15 Oct 2025
FINMA says it will appeal
FINMA said it would challenge the decision at the Federal Supreme Court within the 30 day deadline. UBS had been a party alongside FINMA in the proceedings, the court and finews.ch said.
22 Oct 2025
Related AT1 cases suspended
In an interim decision, the Federal Administrative Court suspended all other pending AT1 proceedings until the Federal Supreme Court rules in the lead case, the court said.
29 Oct 2025
UBS also appeals
UBS said it would challenge the ruling so that its point of view would be taken into account and to protect the credibility of AT1 instruments, Keystone-SDA reported.
“Without the rescue plan, Credit Suisse would have been insolvent”UBS, swissinfo.ch (Keystone-SDA)
Dec 2025
Supreme Court keeps the write-down in force for now
The Federal Supreme Court granted UBS's appeal suspensive effect, so the AT1 instruments stay written down until it rules on the merits, SRF reported on 10 December 2025. The court cited legal certainty and the risk of conflicting rulings in other proceedings. Investment Treaty News also reported the suspension.
2026
Jan 2026
Bondholders bring investment treaty claims
Groups of AT1 bondholders had started two investor state arbitration claims against Switzerland, and the government had received at least nine notices of dispute, Investment Treaty News reported in January 2026.
16 Jul 2026
US appeals court upholds dismissal of bondholder suit
The US Court of Appeals for the Second Circuit affirmed the dismissal of a suit by Credit Suisse AT1 bondholders against Switzerland, holding that its brokering of the merger was not commercial activity under US sovereign immunity law. The plaintiffs had sought about $370 million, and the Swiss finance department welcomed the ruling, the AWP agency reported.
“We therefore hold that Switzerland's "brokering" was not "a commercial activity" for purposes of the FSIA.”US Court of Appeals for the Second Circuit, US Court of Appeals for the Second Circuit (via italaw)
15 Oct 2026
Supreme Court upholds bonus cuts
The Federal Supreme Court ruled that the Federal Department of Finance's May 2023 order cutting bonuses for the top three management levels of the former Credit Suisse was lawful, upholding appeals by the Confederation and UBS against a March 2025 Federal Administrative Court ruling, finews.ch and the SDA agency reported.
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Sources
24 records, ranked by type- 1Official record19 Mar 2023FINMA approves merger of Credit Suisse and UBSSwiss Financial Market Supervisory Authority (FINMA) · finma.ch
- 2Subject's own statement19 Mar 2023UBS to acquire Credit SuisseUBS Group AG · ubs.com
- 3Government documentMar 2025PUK Geschaeftsfuehrung der Behoerden im Zusammenhang der Notfusion der Credit Suisse mit der UBS (committee page)Swiss Federal Assembly · parlament.ch
- 4News report20 Dec 2024Swiss inquiry castigates failings of Credit Suisse oversight but pins most blame on bosses (Reuters)
Investing.com (Reuters) · investing.com - 5Official record15 Oct 2025Statement on the Federal Administrative Court's partial decision on AT1 capital instrumentsSwiss Financial Market Supervisory Authority (FINMA) · finma.ch
- 6News report15 Oct 2025Finma ficht das AT1-Urteil vor Bundesgericht anfinews.ch · finews.ch
- 7News report19 Jan 2026Switzerland faces ISDS claims over Credit Suisse AT1 bond write-offInternational Institute for Sustainable Development, Investment Treaty News · iisd.org
- 8News report29 Oct 2025UBS to appeal against AT1 decision (Keystone-SDA)swissinfo.ch (Keystone-SDA) · swissinfo.ch
- 9News report28 Jul 2026US-Berufungsgericht lehnt Klage gegen Schweiz um AT1-Anleihen ab (AWP)cash.ch (AWP) · cash.ch
- 10News report10 Dec 2025Aufschiebende Wirkung: AT1-Anleihen der Credit Suisse bleiben wertlosSRF · srf.ch
- 11Official record28 Feb 2023Greensill: FINMA concludes proceedings against Credit SuisseSwiss Financial Market Supervisory Authority (FINMA) · finma.ch
- 12Official record24 Jul 2023Archegos: FINMA concludes proceedings against Credit SuisseSwiss Financial Market Supervisory Authority (FINMA) · finma.ch
- 13Official record19 Dec 2023FINMA publishes report and lessons learned from the Credit Suisse crisisSwiss Financial Market Supervisory Authority (FINMA) · finma.ch
- 14News report16 Mar 2023Credit Suisse to borrow up to nearly $54 billion from Swiss National Bank
NBC News · nbcnews.com - 15News report16 Mar 2023Swiss central bank ready to backstop Credit Suisse with fundsswissinfo.ch · swissinfo.ch
- 16Subject's own statement12 Jun 2023UBS completes Credit Suisse acquisitionUBS Group AG · ubs.com
- 17News report6 Apr 2021Credit Suisse overhauls executive board as it estimates Archegos fallout at $4.7 billion (Reuters) Investing.com (Reuters) · uk.investing.com
- 18News report9 Feb 2023Credit Suisse logs worst annual loss since global financial crisis (Reuters)Yahoo Finance (Reuters) · finance.yahoo.com
- 19Official record14 Oct 2025Medienmitteilung: Teilentscheid B-2334/2023 zur Abschreibung der AT1-Kapitalinstrumente der Credit SuisseSwiss Federal Administrative Court · bvger.ch
- 20Official record22 Oct 2025Suspension of AT1 casesSwiss Federal Administrative Court · bvger.ch
- 21News report15 Oct 2026Boni fuer fruehere CS-Kader wurden zu Recht gestrichenfinews.ch · finews.ch
- 22News report15 Oct 2026Bundesgericht bestaetigt Streichung von Boni fuer fruehere CS-Kader (SDA)Suedostschweiz (SDA) · suedostschweiz.ch
- 23News report22 Oct 2026Bundesgericht stuetzt die Notrecht-Politik des BundesratsBilanz (Handelszeitung) · bilanz.ch
- 24Official record16 Jul 2026Creditincome Limited v. The Swiss Confederation, No. 25-2733 (opinion)US Court of Appeals for the Second Circuit (via italaw) · italaw.com
Last updated 1 November 2026. Spotted an error? See corrections. Every event links to the record it comes from. Allegations are attributed to whoever made them.