(Reuters). Credit Suisse (SIX) The Swiss bank announced Thursday that it will reduce its investment bank to focus more on its rich client base. This was in response to a series of scandals.

Antonio Horta Osorio (Chairman), joined the Bank of Britain in April as a member from Lloyds (LON) Bank. He said that these scandals were the worst he’s ever witnessed.

Below are details on the major crises which have plagued the bank these past years.

TUNA BOND FRAUD

Credit Suisse plead guilty to fraud in connection to a loan of $850 million to Mozambique for the purchase of a tuna-fishing fleet. It is now paying $475 million to U.S. regulatory authorities to end the case.

Around $200 million was used to pay kickbacks for Credit Suisse bankers as well as Mozambican officials. According to regulators, the bank had been aware that there was an insufficient amount of funds to purchase boats. However, it failed to inform investors about this when the loan was restructured.

Credit Suisse also organized a loan which was hidden from the International Monetary Fund. The IMF withdrew its support after Mozambique disclosed $1.4 billion worth of undisclosed loans. This sent the economy of southern Africa into turmoil.

ARCHEGOS DEFAULT

Credit Suisse suffered a $5.5 billion loss when U.S. family offices Archegos Capital Management failed to pay their March payments. Credit Suisse saw a decline in its portfolio value due to high leveraged investments by the hedge fund on specific technology stocks.

Independent investigation into the incident found that the bank was negligent in its conduct. It stated its losses resulted from a failure to manage and control its investment bank and prime brokerage.

This report stated that the bank was focused solely on short-term profits. It failed to control Archegos’ reckless risk taking, in spite of numerous warnings. The findings raise questions about its competence as risk management personnel.

GREENSILL FUNDS COLLAPSE

Credit Suisse had to stop $10 billion in supply chain finance funds from being frozen after Greensill Capital, the British financier, fell victim to insurance fraud for its debts to companies.

Greensill debt had been sold by the Swiss bank to billions of investors. The marketing materials assured them that high-yield notes are low risk due to the full insurance of the credit exposure.

Several investors sued Swiss Bank over Greensill-linked funds. Although the bank stated that it has returned $6.3 billion to investors, it warned that it might struggle to recover $2.3 billion.

SPYING SCANDAL

Tidjane Thiam, Chief Executive of Credit Suisse was forced to resign in March 2020 following an investigation that revealed the bank had hired private detectives after Iqbal Kahn left to join arch-rival UBS.

The bank repeatedly dismissed the incident as an isolated event.

However, FINMA, Switzerland’s financial regulator, stated that Credit Suisse misled them regarding the extent of spying. The bank had planned and executed seven spying operations, according to the regulator.

It rebutted in a rare repudiation, saying that there were severe organisational deficiencies at Credit Suisse. The bank even attempted to cover its tracks by manipulating an invoice for surveillance.

Credit Suisse responded by saying that it condemns spying and has taken “decisive steps” to strengthen its governance.