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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.
"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.
Lara Warner, head of compliance at Credit Suisse, faces a 100,000 franc fine for failing to report an $8 million payment from Mozambique as potential money laundering. Despite her involvement in the controversial Greensill and Archegos cases, she retained her position after Tidjane Thiam's resignation. The Zurich public prosecutor's office is investigating the Greensill case, with a raid on Warner resulting in the confiscation of her electronic devices.
Lara Warner, head of compliance at Credit Suisse, faces a 100,000 franc fine for failing to report an $8 million payment from Mozambique as potential money laundering. Despite her involvement in controversial loans linked to Greensill and Archegos, she retained her position after Tidjane Thiam's resignation. A police raid on Warner's property has led to an investigation by the Zurich public prosecutor's office.
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.
Credit Suisse's downfall may have been preventable, as reports indicate that an offer to sell its investment bank for CHF 5 billion was rejected by management a year before UBS's takeover. Bob Diamond confirmed his interest in acquiring the investment bank, while a buyer for Asset Management was also found, willing to pay CHF 5 billion. Ultimately, UBS acquired Credit Suisse for just CHF 3 billion, leaving shareholders with minimal returns.
Criminal investigators and the parliamentary commission (PUK) overlooked critical capital weaknesses at Credit Suisse (CS), notably a regulatory "filter" that concealed CHF 11.9 billion in capital shortfalls. Despite warnings from authorities and expert reports, key figures like CFO David Mathers evaded accountability, leading to CS's collapse. The Swiss Attorney General's office found insufficient grounds for criminal proceedings, while Mathers enjoys early retirement after years of misleading practices.
Iqbal Khan, former head of Credit Suisse's International Wealth Management, left the bank just before its significant issues arose, including the collapse of the Greensill funds, which led to a $10 billion freeze in client assets. Despite his senior role, Khan was not implicated in any wrongdoing by Finma, as investigations revealed systemic failures in the bank's management of the funds, with many former executives facing scrutiny. The Greensill debacle, alongside the Archegos bankruptcy, marked a critical decline for Credit Suisse, impacting its reputation and leadership.
The Parliamentary Investigation Committee (PUK) has presented a report on the Credit Suisse crisis, highlighting years of mismanagement and regulatory failures that led to its emergency merger with UBS. The PUK will recommend measures to the Federal Council, which must respond by spring 2025, while UBS supports most proposals to enhance the financial center's resilience. The report criticizes the "too big to fail" legislation and the lack of effective supervisory tools during the crisis.
Thomas Gottstein
People
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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
Oswald Grübel
Thomas Wellauer
Tidjane Thiam
Rainer Gut
Brady Dougan
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16:48 26.03.2025
documentary exposes downfall of credit suisse and its greedy management
Mozambican Metical
Swiss Franc
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CHE
MOZ
Urs Rohner
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Tidjane Thiam
Arthur Rutishauser
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Beat Schmid
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Oswald Grübel
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08:12 20.03.2025
the rise and fall of credit suisse a cinematic exploration
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Netflix, Inc.
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Josef Ackermann
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Tidjane Thiam
Arthur Rutishauser
Matthew Jordan
Lukas Mühlemann
Colm Kelleher
Marlon Brando
Brady Dougan
Oswald Grübel
Urs Rohner
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07:38 20.03.2025
Lara Warner faces scrutiny amid compliance failures at Credit Suisse
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Karin Keller-Sutter
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Erwin Grob
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07:26 19.03.2025
scandal engulfs former compliance head amid money laundering and financial failures
Russian Ruble
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MOZ
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Tidjane Thiam
Karin Keller-Sutter
Lara Warner
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07:26 19.03.2025
the rise and fall of credit suisse a tale of greed and scandal
United States Dollar
Deutsche Bank RV Global PP
Credit Suisse Strategic Income I
GBR
USA
CHE
DEU
ITA
Kubra Khan
Allen Wheat
Tidjane Thiam
Roula Khalaf
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Duncan Mavin
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12:00 18.03.2025
could credit suisse's collapse have been avoided with earlier deals
Swiss Franc
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CHE
Michael Klein
Arthur Rutishauser
Axel Lehmann
Bob Diamond
Ulrich Körner
Thomas Gottstein
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10:48 16.03.2025
credit suisse scandal reveals regulatory failures and hidden capital weaknesses
Swiss Franc
United States Dollar
Credit Suisse Lux Digital Healt
CHE
Urs Birchler
René Benko
Thomas Gottstein
Thomas Matter
Corinne Zellweger-Gutknecht
David Mathers
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07:29 02.02.2025
iqbal khan's role in greensill funds collapse raises questions about accountability
United States Dollar
Credit Suisse Real Estate Fund Siat
CHE
Matthias Hirschle
Urs Rohner
Thomas Gottstein
Lara Warner
Brian Ching
Lex Greensill
Tidjane Thiam
Kubra Khan
Eric Varvel
Michel Degen
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05:52 06.01.2025
parliamentary committee calls for reforms after credit suisse collapse
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Credit Suisse Real Estate Fund Siat
CHE
Tidjane Thiam
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Sergio Ermotti
Thomas Gottstein
Karin Keller-Sutter
Colm Kelleher
Axel Lehmann
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12:30 20.12.2024
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