Swiss Look On in Dismay as Once-Mighty Credit Suisse Craters

March 21, 2023

(Bloomberg) -- On Sunday, one of Switzerland’s biggest newspapers featured a drawing of Credit Suisse Group AG’s headquarters in flames. Credit Suisse and UBS together wield 1.6 trillion francs ($1.7 trillion) of assets, roughly double the size of the economy. “You cannot regulate away cultural shortcomings,” Finance Minister Karin Keller-Sutter said Sunday night in a thinly-veiled swipe at Credit Suisse’s recurring scandals. The Swiss federal state was founded in 1848; Credit Suisse’s earliest predecessor is just eight years younger. “The Credit Suisse saga, despite the Federal Council’s announcement, is far from over,” he said.