A Queda do Credit Suisse_ Uma Linha do Tempo de Escândalo e _ Morningstar

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Observação do mercado
A Queda do Credit Suisse: Uma
Linha do Tempo de Escândalos e
Fracassos
O Credit Suisse é a mais recente — e, de longe, a maior — vítima de uma
nova crise de confiança no setor bancário. Sua dissolução no UBS não surgiu
do nada, no entanto. Aqui está a linha do tempo de escândalos, fracassos e
decepções que nos trouxeram até aqui. 
Johanna Englundh 23.03.2023
Em seu século e meio de existência, o Credit Suisse apoiou a
industrialização de sua terra natal alpina, ajudou a posicionar a Suíça
como um eixo das finanças internacionais e até mesmo enfrentou os
titãs do banco de investimento de Wall Street. Nos últimos três anos,
uma sequência constante de escândalos e resultados ruins demoliu a
reputação do Credit Suisse não apenas como um grande player
global, mas como um concorrente digno do rival local UBS. Vamos
trabalhar em nossa sequência de escândalos que culminaram no fim
do Credit Suisse.
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Credit Suisse's ride into the hands of UBS 
The Swiss bank's share price since the start of 2020, and the key events that
marked its decline
Jan
2020
Apr Jul Oct Jan
2021
Apr Jul Oct
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CEO Thiam quits after spying
scandal
Greensill scandal
$5.5 bln loss from Archeg
default
Fined after Mozambique
scandal
Charged in Bermuda Trial
Ulrich 
CE
Stock price in CHF
Fevereiro de 2020: Um escândalo de espionagem derruba o CEO
O mandato de cinco anos do presidente-executivo do Credit
Suisse, Tidjane Thiam, no comando terminou abruptamente em 7 de
fevereiro de 2020, depois que uma investigação descobriu que o
banco contratou detetives particulares para espionar seu ex-chefe de
gestão de patrimônio, Iqbal Kahn, que havia saído para trabalhar no
UBS a apenas alguns quarteirões de distância.  
O Credit Suisse minimizou repetidamente o episódio como um
incidente isolado. No entanto, o regulador financeiro da Suíça disse
que o banco o havia enganado sobre a escala da espionagem. De
acordo com o regulador, o Credit Suisse planejou sete operações de
espionagem diferentes entre 2016 e 2019 e realizou a maioria delas.
Em uma rara reprimenda, o regulador disse que havia sérias
deficiências organizacionais no Credit Suisse e que o banco até
tentou esconder seus rastros adulterando uma fatura para vigilância.
Março de 2021: Greensill Capital entra em colapso e Credit Suisse
perde dinheiro
A Greensill Capital, uma empresa financeira britânica especializada
em empréstimos corporativos de curto prazo por meio de um modelo
de negócios complexo e opaco, faliu em 2021. O Credit Suisse
Nome de segurança Preço Mudar
Grupo UBS AG
27,30
francos
suíços
sobre o autor
Johanna Englundh  é
editora da Morningstar
na Suécia 
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investiu pesadamente na empresa e teve que fechar quatro fundos
conectados, nos quais cerca de US$ 10 bilhões haviam sido
investidos.
O regulador financeiro suíço FINMA concluiu que o banco "violou
gravemente suas obrigações de supervisão" e ordenou que  o banco
implementasse relatórios e salvaguardas adicionais. Também abriu
quatro processos de execução contra ex-gerentes do Credit Suisse.
Março de 2021: Archegos entra em default e Credit Suisse perde
dinheiro, novamente
Just three weeks after Greensill met with failure,Credit Suisse lost
$5.5 billion when U.S. family office Archegos Capital Management
went into default. The hedge fund's highly leveraged bets on certain
technology stocks backfired and the value of its portfolio with Credit
Suisse plummeted.
"The Archegos-related losses sustained by Credit Suisse (CS) are the
result of a fundamental failure of management and controls in CS's
Investment Bank and, specifically, in its Prime Services business. The
business was focused on maximizing short-term profits and failed to
rein in and, indeed, enabled Archegos's voracious risk-taking," the
165-page review by law firm Paul Weiss, Rifkind, Wharton &
Garrisson said.
October 2021: A hefty fine over dirty dealings in Mozambique 
Credit Suisse was fined $475 million by US and British authorities
after it was caught up in a bribery scandal in Mozambique involving
loans to state-owned companies.
Credit Suisse made $1.3 billion in loans to the People’s Republic of
Mozambique between 2012 and 2016. The loans were supposed to
finance maritime surveillance, fishing, and shipyard projects, but
were partly diverted for bribes. Mozambique also arranged a loan
with Credit Suisse that was kept secret from the International
Monetary Fund; when the IMF consequently pulled support, it sent
the country’s economy into crisis.
January 2022: The fix-it guy leaves after nine months
Former Lloyds Banking Group CEO Antonio Horta-Osorio was brought
in as Credit Suisse's new chairman in May of 2021 to right the ship
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https://www.credit-suisse.com/about-us/en/reports-research/archegos-info-kit.html
after the double-barreled failures of Archegos and Greensill. With a
reputation for managing successful turnarounds since bringing Lloyds
back from the brink in the Global Financial Crisis, Horta-Osorio
promised to bring better risk management to the heart of Credit
Suisse's culture.
Then he faced accusations of breaking Switzerland's Covid
restrictions, including, allegedly, to attend the Wimbledon tennis
tournament. He resigned from his position after just nine months. In
his time as chairman, he said Credit Suisse's crisis was worse than
anything he'd experienced running several banks in his three-and-a-
half decade career. 
February 2022: The Suisse Secrets data leak
A global media investigation revealed that dozens of international
entities, including heads of state, intelligence officials, drug lords and
sanctioned businessmen, publicly known for their involvement in
human rights abuses, drug trafficking, corruption, money laundering
and other serious crimes, stashed away funds in Credit Suisse.
The investigation was based on an extraordinary leak, with data on
more than 18,000 bank accounts, collectively holding more than 100
billion dollars. Credit Suisse rejects the allegations.
March 2022: A Bermuda judge's $553 million ruling against
Credit Suisse
At the end of March 2022, a judge in Bermuda ruled that former
Georgian prime minister Bidzina Ivanishvili was due damages of $553
million due to failures by Credit Suisse Life Bermuda, Credit Suisse’s
local life insurance arm.
The court said they were due the damages as a result of a long-
running fraud committed by a former Credit Suisse star banker,
Patrice Lescaudron. Lescaudron was sentenced to five years in prison
in 2018 for abusing the trust of clients and putting in place a
fraudulent scheme that brought him tens of millions of francs. He
later committed suicide in 2020.
June 2022: Bulgarian cocaine money laundering
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In June 2022 Switzerland’s Federal Criminal Court found Credit Suisse
and a former employee guilty of failing to prevent money laundering
by a Bulgarian cocaine-trafficking ring from 2004 to 2008. The bank
was handed down a fine of CHF2 million ($2.1 million).
"The company could have prevented the infringement if it had fulfilled
its organisational obligations," the presiding judge said in handing
down the verdict, adding that the former employee's superiors had
been "passive".
The drug ring allegedly laundered more than CHF146 million through
its accounts. The former employee said during court hearings that
Credit Suisse continued to manage the funds even after learning
about murders and cocaine smuggling allegedly linked to the clients.
The bank has denied wrongdoing and said it planned to appeal the
decision.
October 2022: Another attempt at a turnaround
The new leadership duo of Chairman Axel Lehmann and Chief
Executive Officer Ulrich Koerner pitched a return to Credit Suisse’s
Swiss roots as the best way forward. They disclosed a plan to cut
9,000 jobs and managed to raise $4 billion in fresh capital. Most
importantly, they planned to carve out the investment banking
operations and eventually spin off the revived First Boston unit, the
US-based investment bank it acquired in 1990.
As part of the fund raising, Saudi National Bank bought a 9.9% stake
through a private placement, becoming Credit Suisse's biggest
shareholder. 
February 2023: Credit Suisse reports massive outflows
The ambitious plan failed to impress investors, fourth-quarter results
showed in February. Customer outflows had risen to more than
CHF110 billion ($119 billion) and the bank suffered its biggest annual
loss since the financial crisis. The bank's shares fell 15% after the
results.
March 2023: Terminal nosedive
March 8: Credit Suisse delays its annual report because it received a call
from the U.S. Securities and Exchange Commission the night before the
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https://www.credit-suisse.com/about-us-news/en/articles/media-releases/csg-announces-delay-publication-2022-annual-report-202303.html
https://www.credit-suisse.com/about-us-news/en/articles/media-releases/csg-announces-delay-publication-2022-annual-report-202303.html
report was due. In it, the SEC questioned revisions to cash flow statements
from 2019 and 2020, as well as related controls. 
March 14: When it finally did release its annual report, Credit Suisse
admitted to “material weaknesses'' in its financial controls and announced
an end to board bonuses. The news came at a time where markets were
already fragile, trying to grasp the failure of American regional lenders
Silicon Valley Bank and Signature. "Regarding the financial reporting
controls issue, it could not have come at a worse time for Credit Suisse. As
we have once again seen with the SVB debacle, trust and confidence are
everything in banking. Credit Suisse was already under pressure as
depositors, and other funding providers lost confidence, leading to
substantial client withdrawals in 4Q22, and its cost of funding increased
with ballooning CDS spreads”, Morningstar banking analyst Johann Scholtz
says.
March 15: Bloomberg TV asks the chairman of Saudi National Bank
whether it would offer additional financial support to Credit Suisse. His
answer is "absolutely not," triggering a panic sale where the lender's shares
plummet 24% by day-end.
March 16: Credit Suisse shares rebound after the Swiss National Bank
threw the lender a CHF50 billion liquidity lifeline. This answered short-term
capital concerns, but not the question of how Credit Suisse would stem the
exodus of its clients. Earlier that day, clearly regretting the harsh words that
tanked the valueof his investment, the Saudi National Bank's Ammar Al
Khudairy referred to the bank's "sound ratios" and clarified that "everything
is fine" at Credit Suisse.
March 17: Everything is, in fact, not fine. Credit Suisse caps a week with
daily outflows of about $10 billion, The Wall Street Journal reports.
March 18: The Swiss National Bank's credit line has failed to restore
confidence. Together with Switzerland's financial watchdog Finma, it is
brokering a takeover by UBS to shore up Switzerland's financial system, the
Financial Times reports.  
March 19: UBS agrees to take over Credit Suisse for CHF3 billion ($3.23
billion) in stock and agrees to assume up to CHF5 billion ($5.4 billion) in
losses. Low-ranking bonds worth CHF16 billion ($17 billion) are wiped out.
Shareholders get the equivalent of CHF0.76 per share-- 59% less than what
they were worth at the previous close, and less than a tenth of their value at
the time of Tidjane Thiams's departure in February 2020.
UBS is the surviving entity in the deal. Credit Suisse's 167-year history has
come to an end. 
As ações do recém-criado gigante bancário suíço UBS terminaram
sua primeira sessão de negociação pós-fusão com alta de 1,3%. "O
UBS pode extrair valor da aquisição e está em uma posição muito
melhor para executar uma reestruturação radical dos negócios do
Credit Suisse do que o Credit Suisse estava'', de acordo com Scholtz,
da Morningstar. 
TAG
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