The PUK report attributes the downfall of Credit Suisse primarily to management missteps, while highlighting the leniency of politicians and authorities towards the banking lobby. It criticizes the "too big to fail" regulation as inadequate during crises and calls for urgent reforms to prevent future failures, especially with UBS's increased risk.
Credit Suisse faced a dramatic decline, culminating in a CHF 7.3 billion loss for 2022, its largest since the financial crisis. Following failed rescue attempts and significant cash outflows, UBS acquired Credit Suisse for CHF 3 billion in shares, with the Swiss National Bank providing CHF 200 billion in liquidity assistance. The bank's 167-year history ended on June 12, 2023, with its shares trading at just 81.7 centimes, over a hundred times less than pre-crisis values.
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