State Street reportedly seeking to take over Credit Suisse

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Asset management giant State Street is reportedly considering a takeover of Swiss investment bank Credit Suisse, according to reports.

Swiss financial news outlet Inside Paradeplatz reports that the Boston-based asset management company intends to bid 9 Swiss francs per Credit Suisse share for a total of $23.6 billion.

State Street has remained tight-lipped about the potential acquisition, telling Reuters that it does not intend to respond to the news report detailing its takeover plans. 

“As we have previously discussed, we are focused on our pending acquisition of Brown Brothers Harriman's Investors Services business,” the company insisted. 

Several analysts who spoke to Reuters expressed skepticism at State Street who intend to purchase a full-service bank franchise like Credit Suisse. 

State Street currently holds $3.9 trillion of client assets, and together with BlackRock and Vanguard, hold a combined average stake of 20% in every Fortune 500 company. 

All three asset management companies have been leading proponents of Environmental, Social and Governance (ESG) goals, and have pressured firms in their management portfolios to make pledges and commitments to woke initiatives such as Diversity, Equity, and Inclusion (DEI) and clean energy commitments. 

In other words, companies under their influence are expected to mix business decisions with political ones. As detailed by the Daily Wire in 2021, the three asset managers placed three climate activists on Exxon Mobil's 12-person board of directors. 

“Consolidation in the asset management industry is part of what allows a small group of players to advance a monolithic ideology on the rest of corporate America,” said Vivek Ramaswamy, the author of “Woke Inc.” 

“ESG in many ways originated in Europe and is even stronger there than in the United States — so I think this is just a part of the continued trend of seeing ESG become a dominant transnational trend on both sides of the Atlantic,” he said in a statement to Daily Wire. 

“The asset management industry — and the finance industry overall — is the one industry that’s upstream of all others, and why it has the greatest cultural influence of all,” Ramaswamy added.