The collapse of Credit Suisse in 2023 was exacerbated by a culture of secrecy within the Swiss government.

Revelation of Clandestine Meetings

A report released by Swiss lawmakers revealed that clandestine meetings and a lack of transparency among officials contributed to the downfall of the bank.

These informal gatherings, known as "non-meetings," were favored by key figures such as former Swiss National Bank president Thomas Jordan and former finance minister Ueli Maurer.

Impact on Government Response

The absence of formal documentation and communication created confusion and disarray within the government, undermining any coordinated response to the crisis.

The lack of written records hindered the government's ability to respond effectively and led to internal conflicts among officials.

Detrimental Effects on Crisis Management

Informal practices also had a detrimental impact on crisis management, as key decision-makers were often unaware of the bank's true financial state.

The culture of secrecy and prioritization of discretion over accountability raised questions about the overall governance of Switzerland's financial institutions.