https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/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.enhttps://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e24credit-suisse-collapse-ubs-takeover-d6ddd765d9Thu, 15 Oct 2026 12:00:00 +0000The 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e23credit-suisse-collapse-ubs-takeover-f7b370acf8Thu, 16 Jul 2026 12:00:00 +0000The 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e22credit-suisse-collapse-ubs-takeover-7f3596d3a0Thu, 01 Jan 2026 12:00:00 +0000Groups 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e21credit-suisse-collapse-ubs-takeover-b7d3e0018aMon, 01 Dec 2025 12:00:00 +0000The 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e20credit-suisse-collapse-ubs-takeover-bb0e413addWed, 29 Oct 2025 12:00:00 +0000UBS 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e19credit-suisse-collapse-ubs-takeover-9ec2fc5c03Wed, 22 Oct 2025 12:00:00 +0000In 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e18credit-suisse-collapse-ubs-takeover-3ad0ea82b4Wed, 15 Oct 2025 12:00:00 +0000FINMA 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e17credit-suisse-collapse-ubs-takeover-84586caa07Tue, 14 Oct 2025 12:00:00 +0000The 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e16credit-suisse-collapse-ubs-takeover-0ab6e4b831Wed, 01 Oct 2025 12:00:00 +0000The 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e15credit-suisse-collapse-ubs-takeover-1dd2bd78ccSat, 01 Mar 2025 12:00:00 +0000Both 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e14credit-suisse-collapse-ubs-takeover-e2c7ae9fc7Fri, 20 Dec 2024 12:00:00 +0000The 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e13credit-suisse-collapse-ubs-takeover-f38a39793dTue, 19 Dec 2023 12:00:00 +0000FINMA 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e12credit-suisse-collapse-ubs-takeover-0555bfe629Mon, 24 Jul 2023 12:00:00 +0000FINMA 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e11credit-suisse-collapse-ubs-takeover-736aebc210Mon, 12 Jun 2023 12:00:00 +0000Credit 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e10credit-suisse-collapse-ubs-takeover-b32b061d00Wed, 07 Jun 2023 12:00:00 +0000The 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e8credit-suisse-collapse-ubs-takeover-2ca9a83197Sun, 19 Mar 2023 12:00:00 +0000UBS 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e9credit-suisse-collapse-ubs-takeover-e5b2f32f26Sun, 19 Mar 2023 12:00:00 +0000FINMA 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e7credit-suisse-collapse-ubs-takeover-35bf2df307Thu, 16 Mar 2023 12:00:00 +0000Credit 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e6credit-suisse-collapse-ubs-takeover-088ef46f30Wed, 15 Mar 2023 12:00:00 +0000Credit 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e5credit-suisse-collapse-ubs-takeover-55f3981648Tue, 28 Feb 2023 12:00:00 +0000FINMA 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e4credit-suisse-collapse-ubs-takeover-afcac76907Thu, 09 Feb 2023 12:00:00 +0000Credit 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e3credit-suisse-collapse-ubs-takeover-1c4ccbbb81Thu, 01 Dec 2022 12:00:00 +0000Credit 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e2credit-suisse-collapse-ubs-takeover-6de843d340Tue, 06 Apr 2021 12:00:00 +0000Credit 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e0credit-suisse-collapse-ubs-takeover-df774bef47Mon, 01 Mar 2021 12:00:00 +0000Credit 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.https://howitunfolded.com/companies/credit-suisse-collapse-ubs-takeover/#e1credit-suisse-collapse-ubs-takeover-de36c07ebeMon, 01 Mar 2021 12:00:00 +0000The 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.