04/08/2023 • Bloomberg

Credit Suisse Collapsed, And Switzerland Went Back to Making Money

Despite widespread calls for reform in the wake of the country’s biggest banking shock, little has changed. Is that stability or complacency?

In 2022 it was “Schwinger,” or traditional Swiss wrestlers, that were the star attraction. This year it was youth groups. Every Aug. 1 since 1891, patriotic Swiss have gathered on an Alpine meadow overlooking Lake Lucerne to commemorate a rebellion in 1291 that was the foundation of “modern” Switzerland. This is a country that likes tradition.

It was a very different kind of youth who in March swarmed the headquarters of Credit Suisse on Zurich’s Paradeplatz, in an extraordinary display of anger at the normally staid epicenter of Swiss banking. Young protesters wrote messages like “Cretin Suisse” in chalk outside the bank’s headquarters as demonstrators bellowed their discontent through megaphones. Newspaper editorials were filled with columns about a national humiliation and regulators stressed the need for major change. Some questioned whether Switzerland had a future as a predominant banking center.

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