According to Swiss President Alain Berset, the management of the major Swiss bank Credit Suisse, which was rescued by emergency law, has destroyed confidence in the bank itself. The top managers had learned nothing from the financial crisis, said Berset at the start of a three-day special session of the two chambers of parliament at the end of the traditional bank. On March 19, the government had arranged the takeover by competitor UBS by emergency law. Credit Suisse was threatened with insolvency, and the government and other countries feared a worldwide domino effect if the debacle was not averted due to nervous financial markets. UBS only paid three billion francs, although the book value of CS was still 40 billion francs at the end of 2022. The balance sheet total of the new UBS of almost CHF 1.6 trillion is about twice as large as the entire economic output of Switzerland. This puts it in 20th place among the largest institutes worldwide, including behind Chinese banks or the US bank JP Morgan and ahead of Deutsche Bank.
Credit Suisse – “Trust Destroyed” – Economy
