Digital museum showcasing the collection of worldwide legends over the years! 千古不朽博物館展示多年來收藏的世界傳奇故事！
Credit Suisse 100g fine gold
Item number: A174
Year: ND
Material: Gold
Provenance: Private Collector, Taiwan, 2024
This item is a 100-gram gold bar from Credit Suisse Group, with the obverse side featuring the company name, weight, purity, bar number. Below, within a rectangular frame, there is also the French inscription “Essayeur Fondeur,” serving as a quality assurance mark for Swiss manufacturing. On the reverse side, multiple Credit Suisse brand logos are imprinted.
The Credit Suisse Group was founded in AD 1856 by Alfred Escher, inspired by the contemporary French banking investments in railways. Its primary business involved providing funding to railway projects through loans from the Swiss government. By AD 1882, with the completion of the railway network within Switzerland and connecting to neighboring countries, Escher’s investment in the Swiss Northeastern Railway became a significant source of income for the company. Additionally, in AD 1871, Credit Suisse Group also assisted in establishing Switzerland’s monetary system, solidifying its position as one of the most prominent banks in Switzerland.
As the company further developed, its business expanded to over fifty countries worldwide. In addition to offering a range of private banking services, investments, and asset management, Credit Suisse Group also became a “Bulge Bracket” investment bank serving governments, large corporations, and institutions globally. However, entering the 21st century, Credit Suisse Group faced internal controversies, leadership changes, and financial losses. Adding to the challenges, a series of espionage scandals, client poaching, and significant financial losses severely damaged the company’s reputation. For instance, in AD 2019, former head of wealth management division, Iqbal Khan, accused then-CEO Tidjane Thiam of Credit Suisse of having him followed and harassed after he left to join rival bank UBS. Khan also claimed to have been pursued by private security firm Investigo on the streets of Zurich. This espionage scandal ultimately led to the resignation of Tidjane Thiam in February AD 2020.
In AD 2021, Credit Suisse Group suffered nearly $10 billion in pre-tax losses due to the bankruptcies of the U.S. family investment fund Archegos Capital and the British financial firm Greensill Capital, both of which were invested in by the company. Although independent investigations found no evidence of fraud or illegal activity, there was indeed a “lack of effective risk management” affecting investor confidence. By the end of the summer of AD 2022, despite newly appointed CEO Ulrich Koerner announcing a strategic review intended to restore confidence, rumors implying the imminent collapse of the company led clients to withdraw CHF 110 billion (approximately $119 billion) in funds in the fourth quarter of the year, causing the company’s stock price to plummet by about three-quarters within a year.
In early AD 2023, Credit Suisse Group announced plans to borrow $54 billion to strengthen its asset liquidity in hopes of restoring investor confidence. However, in mid-March, the Saudi National Bank, a major investor, stated that it would no longer provide additional funding due to regulatory obstacles, becoming the final straw that broke Credit Suisse Group’s back. On March 19th, UBS announced its acquisition of Credit Suisse Group, with regulatory approval expected to be completed by June. With this, the 167-year history of Credit Suisse Group came to an end.
