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In March 2023, Credit Suisse faced a crisis that culminated in its acquisition by UBS for $3.25 billion, driven by fears of a broader financial collapse. Duncan Mavin's "Meltdown" chronicles the bank's long history of greed and mismanagement, highlighting the failures of leadership and compliance that led to its downfall. The narrative underscores how recurring scandals made the bank's collapse seem inevitable, reflecting on the challenges faced by Tidjane Thiam during his tenure as CEO.
In 2023, Credit Suisse's collapse shocked the global banking sector, but its history of scandals suggested an inevitable downfall. Duncan Mavin, author of *Meltdown: Greed, Scandal, and the Collapse of Credit Suisse*, highlights the relentless nature of the bank's crises and a toxic culture that thwarted recovery efforts by executives.
In 2023, Credit Suisse's collapse sent shockwaves through the global banking sector, a culmination of scandals dating back to its founding 167 years ago. Bloomberg editor Duncan Mavin, author of *Meltdown: Greed, Scandal, and the Collapse of Credit Suisse*, discusses the bank's lesser-known crises that contributed to its downfall. Mavin's insights reflect over a decade of covering banking malfeasance, with Credit Suisse frequently at the center of the narrative.
Arthur Rutishauser, editor-in-chief of SonntagsZeitung, is set to release "Game Over - the Fall of Credit Suisse," a detailed account of the bank's collapse, highlighting failures and scandals. The 352-page book will be accompanied by a film, both launching in March 2025, coinciding with the findings of the parliamentary commission of inquiry. This marks the third book on Credit Suisse's decline, following works by Dirk Schütz and Duncan Mavin.
Arthur Rutishauser, editor-in-chief of SonntagsZeitung, is set to release "Game Over - the Fall of Credit Suisse," a detailed account of the bank's collapse, highlighting failures and scandals. The 352-page book will coincide with a film adaptation, both launching in March 2025. This marks the third publication on Credit Suisse's decline, following works by Dirk Schütz and Duncan Mavin.
Credit Suisse's tumultuous journey culminated in its acquisition by UBS for $3 billion in March 2023, following a series of scandals and leadership changes. The bank, once a pillar of Swiss finance, became notorious for its misconduct, outpacing other major banks in reputational damage since the 2008 financial crisis. Founded in 1856 to support railway growth, its decline began in the late 1980s with a risky partnership with Wall Street's First Boston.
The "Dächli" cap featuring the old Credit Suisse logo and "Risk Management Dept. 2022" has become a hit this Black Friday, reflecting the bank's tumultuous history. Following a massive bank run in late 2022, triggered by a series of scandals, CS lost over CHF 100 billion in assets. As the Parliamentary Commission of Inquiry prepares to release its report, scrutiny of the bank's risk management and regulatory oversight intensifies.
Tidjane Thiam, former CEO of Credit Suisse, faced xenophobia and racism during his tenure, as highlighted by journalist Duncan Mavin in his book "Meltdown." Thiam encountered a hostile environment marked by internal resistance and troubling incidents, including being detained at Zurich airport and his sons facing harassment on public transport. Despite these challenges, he remained resilient and left a significant impact on the banking sector.
Credit Suisse"s reputation as a bastion of trust eroded over decades due to scandals, including its handling of Holocaust-era assets and involvement in financial crises. Despite attempts to recover, the bank"s persistent mismanagement culminated in its sale to UBS in March 2022, marking a dramatic fall from grace. The collapse serves as a stark reminder that without trust, a bank cannot survive.
Colm Kelleher, an Irish-born Wall Street banker, sought the Chairman position at Credit Suisse in 2020 but lost out to António Horta Osório due to his reluctance to relocate to Switzerland. Despite his earlier interest, Kelleher later expressed skepticism about Credit Suisse's viability, suggesting a merger was inevitable. He eventually became Chairman of UBS in 2021, with arrangements allowing him to maintain his London residence while fulfilling his duties.
Duncan Mavin
People
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the rise and fall of credit suisse a tale of greed and scandal
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the downfall of credit suisse a tale of trust and scandal
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colm kelleher's journey from credit suisse candidate to chairman of ubS
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