How the Fall of Swiss Pride For 166 Years Affects Crypto Assets
- Scandal and mistrust brought the fall of 166 years of Credit Suisse.
- Banking mishaps like SVB and Credit Suisse are causing panic among investors.
- Meanwhile, Bitcoin and Ethereum reach highs of this year.
“Credit Suisse is no more,” reports Bloomberg on Twitter, explaining the downfall of the bank that faced decades of scandals, legal issues, and management upheavals.
— Bloomberg (@business) March 20, 2023
THREAD: 1) Credit Suisse is no more.
Here’s a look at how decades of scandals, legal issues and management upheavals led the bank to an abrupt end. https://t.co/7Oy86n4IBt
“Credit Suisse stock has tumbled more than 95% from its pre-financial crisis peak,” tweets Bloomberg page quoting that the firm was valued at a mere 7.4 billion Swiss francs ($8 billion) at the close on Friday.
Credit Suisse Group AG was a global investment bank and financial services firm founded and based in Switzerland, becoming an emblem of Swiss pride for 166 years. However, recently the bank suffered a revolving door of senior management which came with leadership changes that put pressure on performance.
The risky business of the bank began with “the burning be…
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