The financial crisis experienced by Credit Suisse is a clear indication of the failure of the banking system. This bank has been a living dead for many years because of issues like financial management, poor decision, and fines due to tax invasion scandals. The constant increase of interest rates reveals the emptiness of the bank which led to the withdrawal of funds by its customers. The banking system is not transparent and truthful. Even when it is clear that banks need help, they will keep giving customers false hope that everything is okay. Every day it is getting clearer that the solution to this banking mess is decentralization. It is too risky to put the financial destiny of millions of people in the hands of a few corrupt people.
When it was in 2014, it was tainted with the case of the American department of justice, Credit Suisse was found guilty of
conspiringto assist in terms of not paying taxes on its clients right away the Bank has reached agreement with the Department of Justice in January 2017, regarding the issue of residential mortgage-based securities.
At the moment, even though Credit Suisse has operated in more than 50 countries, so with the rapid development of technology, if a bank does not keep up with the times, the bank will go bankrupt.