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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.
SIX announces a leadership change as CEO Jos Dijsselhof departs for a new opportunity in the Middle East, effective January 1, 2025. He will be succeeded by Bjørn Sibbern, currently Global Head Exchanges, who has a background with Nasdaq and E*TRADE. Dijsselhof will remain until February 2025 to ensure a smooth transition.
UBS's influence over the Swiss stock exchange SIX deepens as it advises and finances its acquisition of UK trading venue Aquis for approximately 235 million Swiss francs. With UBS owning about 35% of SIX, questions arise regarding the exchange's independence amid past losses from international expansions. The complexities of this consolidation highlight the intertwined nature of Switzerland's financial landscape.
Thomas Wellauer
People
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Richard Chandler reflects on Credit Suisse's decline and UBS's future challenges
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