Credit Suisse: There has never been a lack of megalomania – opinion

The credibility is gone, but so is the profit: UBS takes over its struggling rival Credit Suisse – with unpredictable consequences. The misery tells a lot about Switzerland and its banks.

Already experienced everything, already had everything? 15 years after the rescue of UBS, Credit Suisse, the second largest Swiss bank, is on the brink. But the déjà vu is deceptive: Unlike its big rival at the time, Credit Suisse has no solvency problem. Until recently, it was comparatively healthy. The bank’s greedy managers were the undoing of it.