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Richard Chandler expresses deep disdain for Rainer E. Gut's leadership at Credit Suisse, criticizing the shift in culture and the prioritization of quick profits over loyalty. He reflects on the bank's decline, particularly after the Archegos and Greensill crises, and calls for Switzerland to hold UBS accountable as it integrates Credit Suisse. Chandler, who retired at 68, remains critical yet loyal to the banking sector, emphasizing the need for responsibility in the new banking landscape.
A Credit Suisse veteran, Richard Chandler, is calling for the return of bonuses awarded to executives despite significant losses, expressing his frustration over their negligence. Having worked at the bank for 53 years, he highlights a culture of prioritizing quick profits and criticizes past leadership for their role in the bank's decline. Chandler, who praised former CEO Oswald Grübel for his understanding of banking, began to lose faith in the institution following the Archegos and Greensill scandals.
Richard Chandler, the longest-serving employee at Credit Suisse, reflects on his 53 years with the bank, expressing anger at former executives for their negligence and the culture shift towards profit over loyalty. He highlights the detrimental impact of investment banking on the bank's values and calls for accountability as Credit Suisse faces its decline. Chandler's career, marked by scandals and crises, culminated in his retirement as he could no longer witness the bank's downfall.
The documentary "Game Over - The Fall of Credit Suisse" premiered in Zurich, showcasing the bank's dramatic collapse. Directed by Simon Helbling and based on investigative work by Arthur Rutishauser, it features exclusive interviews and insider accounts, revealing the depths of a major financial scandal. The film will hit Swiss cinemas on March 27, 2025, accompanied by a book and a round-table discussion featuring notable figures from the banking sector on April 2, 2025.
"Game Over" premiered in Zurich, detailing the downfall of Credit Suisse, starting from the Chiasso scandal in the 1970s. The film critiques a series of greedy managers, highlighting their role in the bank's collapse while also showcasing the victims of its corrupt practices, including the Mozambique Tuna bonds scandal. Richard J. Chandler, a long-time employee, defended the bank's Swiss operations, suggesting not all was negative.
"Game Over," a film about the collapse of Credit Suisse, premiered in Zurich, showcasing the dramatic downfall of the bank and its executives. While the movie highlights the greed and mismanagement of CS leaders, it leaves unanswered questions about the lack of accountability and the role of Swiss authorities during the crisis. The film, financed by Netflix, combines thrilling historical insights with a critique of the banking sector, yet rushes through key events leading to CS's demise.
Oswald Grübel, a prominent figure in Swiss banking, criticizes the idea of capping banker salaries, arguing it undermines market dynamics and could lead to less competent leadership. He praises the swift merger of Credit Suisse with UBS as a necessary move for the financial center, while expressing concern over the public's lack of awareness regarding the importance of Switzerland's financial sector. Grübel also comments on geopolitical issues, including Donald Trump's tariff policies, and warns against closer ties with the EU, emphasizing the need to maintain Switzerland's neutrality.
A fine must be proportionate to the offense and signal potential leadership changes at UBS, which may need a thicker capital base to maintain market confidence. The rise of artificial intelligence poses cost pressures and job losses in banking, while younger clients may prefer AI for investment advice. Concerns about Switzerland's financial center stem from its proximity to the EU, risking the loss of significant foreign assets and weakening the Swiss franc. Effective risk monitoring and accountability in bank management are crucial to prevent future crises, with calls for stronger regulatory powers for FINMA to protect the financial sector.
Credit Suisse's management faced turmoil as it attempted to restructure amid significant financial losses and a massive cost-cutting program. CEO Axel Lehmann and Ulrich Körner aimed to transform the investment banking division into an advisory service, but internal conflicts and a lack of transparency led to a plummeting share price and fears of a bank run. Key figures, including Michael Klein and Blythe Masters, were embroiled in conflicts of interest, complicating the bank's recovery efforts.
Lukas Gähwiler, UBS Vice-Chairman, has relocated from Langnau am Albis to Oberägeri, a tax haven in Zug, ahead of his retirement. This move allows him to significantly reduce his tax burden, as Oberägeri offers lower municipal and cantonal tax rates compared to his previous residence. As he approaches retirement, Gähwiler's decision reflects a trend among the wealthy to optimize tax benefits related to pension payouts.
Oswald Grübel
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Richard Chandler reflects on Credit Suisse's decline and UBS's future challenges
United States Dollar
Credit Suisse Strategic Income I
CHE
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Lukas Mühlemann
Thomas Wellauer
Rainer Gut
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08:02 27.03.2025
Credit Suisse veteran calls for return of bonuses amid bank losses
United States Dollar
Credit Suisse Strategic Income I
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Oswald Grübel
Lukas Mühlemann
Thomas Wellauer
Josef Ackermann
Rainer Gut
Robert Jeker
Richard Chandler
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03:12 27.03.2025
longest serving credit suisse employee reflects on scandals and leadership failures
Credit Suisse Group Ltd.
FIFAX Abp
CHE
Lukas Mühlemann
Urs Rohner
Thomas Gottstein
Richard Chandler
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Thomas Wellauer
Tidjane Thiam
Rainer Gut
Brady Dougan
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16:48 26.03.2025
documentary explores the rise and fall of credit suisse in zurich premiere
Swiss Franc
Credit Suisse Strategic Income I
CHE
Simon Helbling
Corine Mauch
Jacqueline Badran
Arthur Rutishauser
Oswald Grübel
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10:58 20.03.2025
documentary exposes downfall of credit suisse and its greedy management
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Swiss Franc
United States Dollar
Credit Suisse Strategic Income I
CHE
MOZ
Urs Rohner
Joe Ackermann
Thomas Gottstein
Tidjane Thiam
Arthur Rutishauser
Rainer Gut
Lukas Mühlemann
Beat Schmid
Axel Lehmann
Brady Dougan
Oswald Grübel
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08:12 20.03.2025
the rise and fall of credit suisse a cinematic exploration
United States Dollar
Netflix, Inc.
CHE
Richard Chandler
Josef Ackermann
Thomas Gottstein
Tidjane Thiam
Arthur Rutishauser
Matthew Jordan
Lukas Mühlemann
Colm Kelleher
Marlon Brando
Brady Dougan
Oswald Grübel
Urs Rohner
Kubra Khan
Rainer Gut
George Clooney
Ueli Maurer
Sergio Ermotti
Axel Lehmann
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07:38 20.03.2025
banking leader critiques wage cap and highlights importance of financial center
13:50 17.03.2025
financial center concerns and the future of banking in switzerland
00:01 17.03.2025
credit suisse faces turmoil amid leadership changes and strategic failures
JP Morgan Chase Bank, NA N.A.
CHE
Axel Lehmann
Andreas Venditti
David Taylor
Oswald Grübel
Blythe Masters
Urs Rohner
Ulrich Körner
Michael Klein
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07:09 16.03.2025
ubs vice chairman gähwiler relocates to tax haven ahead of retirement
Swiss Franc
Credit Suisse Real Estate Fund Siat
CHE
Heinz Rudolf Kunze
Ulrich Körner
Lukas Gähwiler
Karin Keller-Sutter
Colm Kelleher
Matthew Jordan
Oswald Grübel
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07:59 27.01.2025
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