Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>Credit Suisse faced a terminal crisis of confidence following years of financial losses, risk management failures, and numerous scandals, culminating in its emergency acquisition by UBS in March 2023.</li>
  <li>The government-brokered takeover by its historic rival UBS for CHF 3 billion was executed to prevent a wider systemic collapse, effectively ending Credit Suisse's 167-year history as an independent institution.</li>
  <li>The bank's failure was rooted in a series of costly missteps, including massive losses from the collapses of Archegos Capital and Greensill Capital, which exposed deep-seated cultural and operational deficiencies.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Credit Suisse faced a terminal crisis of confidence following years of financial losses, risk management failures, and numerous scandals, culminating in its emergency acquisition by UBS in March 2023.
  The government-brokered takeover by its historic rival UBS for CHF 3 billion was executed to prevent a wider systemic collapse, effectively ending Credit Suisse's 167-year history as an independent institution.
  The bank's failure was rooted in a series of costly missteps, including massive losses from the collapses of Archegos Capital and Greensill Capital, which exposed deep-seated cultural and operational deficiencies.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Credit Suisse Group  (CSGN SW) - Nov 2025

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Funding squeeze evident in HK's HIBOR market and reported in Australia too</li>
<li>Even where not visible, this must be expected globally, as banks reign in risk</li>
<li>MQG has low levels of deposits and high levels of securities</li>
</ul>


Funding squeeze evident in HK's HIBOR market and reported in Australia too
Even where not visible, this must be expected globally, as banks reign in risk
MQG has low levels of deposits and high levels of securities


Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Thematic (Sector/Industry)

<ul>
<li>The UBS acquisition of Credit Suisse includes the write-off of CHF15.8bn (USD17bn) of Additional Tier 1 (AT1) bonds, despite there being residual equity value for CS shareholders in the deal</li>
<li>AT1s are the most junior, loss absorbing of bonds; precedent exists for the zeroing of AT1s in Spain’s Banco Popular 2017 failure, but importantly this also included shareholders being zeroed</li>
<li>The Credit Suisse AT1 write-off is by far the biggest so far and this unconventional treatment of shareholders versus junior bondholders should lead European banks’ cost of equity to rise</li>
</ul>


The UBS acquisition of Credit Suisse includes the write-off of CHF15.8bn (USD17bn) of Additional Tier 1 (AT1) bonds, despite there being residual equity value for CS shareholders in the deal
AT1s are the most junior, loss absorbing of bonds; precedent exists for the zeroing of AT1s in Spain’s Banco Popular 2017 failure, but importantly this also included shareholders being zeroed
The Credit Suisse AT1 write-off is by far the biggest so far and this unconventional treatment of shareholders versus junior bondholders should lead European banks’ cost of equity to rise


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Corruption / Cover Story: China’s sports corruption dragnet casts pall ahead of Paris Olympics</li><li>Euro Cup / Chinese brands intend to triumph at Euro Cup 2024</li><li>Cyberbully / China rolls out new rules for online sites to curb cyberbullying</li></ul>

Corruption / Cover Story: China’s sports corruption dragnet casts pall ahead of Paris OlympicsEuro Cup / Chinese brands intend to triumph at Euro Cup 2024Cyberbully / China rolls out new rules for online sites to curb cyberbullying

CX Daily: China’s Sports Corruption Dragnet Casts Pall Ahead of Paris Olympics 

<ul><li>Trust / In Depth: China intensifies efforts to curb risk in troubled trust sector</li><li>Personnel /China’s ousted foreign minister removed from top legislature</li><li>Ant Group /Ant Group outbids Citadel Securities for Credit Suisse’s China JV</li></ul>

Trust / In Depth: China intensifies efforts to curb risk in troubled trust sectorPersonnel /China’s ousted foreign minister removed from top legislatureAnt Group /Ant Group outbids Citadel Securities for Credit Suisse’s China JV

CX Daily: China Intensifies Efforts to Curb Risk in Troubled Trust Sector 

Switzerland

Credit Suisse Group AG is an international financial services group. The Group provides investment banking, private banking, and asset management services to customers located around the world.

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Credit Suisse (CSGN VX)

Primer: Credit Suisse Group (CSGN SW) - Nov 2025

Credit Suisse faced a terminal crisis of confidence following years of financial losses, risk management failures, and numerous scandals,...

αSK

MQG - Funding Squeeze?

Funding squeeze is evident in Hong Kong, and reports suggest the same in Australia, with other markets likely. Banks which rely more on non-deposit...

Daniel Tabbush

AT1 Bonds; Life After Credit Suisse

The CS AT1 write-off due to UBS's acquisition is an unconventional action on bondholders versus shareholders, implying a rising banks' cost of...

Victor Galliano

CX Daily: China’s Sports Corruption Dragnet Casts Pall Ahead of Paris Olympics

Corruption / Cover Story: China’s sports corruption dragnet casts pall ahead of Paris Olympics. An avalanche of corruption investigations continues...

Caixin Global

CX Daily: China Intensifies Efforts to Curb Risk in Troubled Trust Sector

Trust / In Depth: China intensifies efforts to curb risk in troubled trust sector Profitability is out and risk management is in. That’s the...

Caixin Global

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