It was a slow-motion drama that ultimately ended with a loud bang: The collapse of Credit Suisse in 2023 shook the global financial system. However, for many experts who had observed the Swiss financial institution for years, this end was not surprising.

Duncan Mavin, Bloomberg editor and author of the book Meltdown: Greed, Scandal, and the Collapse of Credit Suisse, describes the drama like a long, dark screenplay. "Many banks have scandals," he says. "But at Credit Suisse, they were relentless.

A Story Full of Dark Sides

Since its founding nearly 170 years ago, Credit Suisse seemed to magically attract scandals. From corruption allegations to money laundering scandals to involvement in politically sensitive affairs – the portfolio of missteps was as diverse as that of an investment bank offering its clients every conceivable financial instrument.

One of the central questions is: Why? Why was this particular bank so vulnerable? According to Mavin, the answer is clear: it was the corporate culture. "The internal structures of Credit Suisse made misconduct almost unavoidable," he explains. Despite numerous attempts by executives to get the organization on track, any change seemed to have only a short-term effect.

Culture of Failure

A look at the management team of Credit Suisse reads like a who's who of failure.

Mavin calls this a "toxic mix of overconfidence and lack of control". Many managers blindly relied on the "Credit Suisse" brand to weather any crisis. But the public saw it differently – and trust dwindled rapidly.

The escalation to the collapse

The last years before the collapse were like a brewing storm. Among the biggest scandals were the Archegos debacle, in which the bank lost billions, and the Greensill scandal, in which it was deeply entangled.

But even these disasters were just the tip of the iceberg. "There are less known stories that are just as serious," says Mavin. He speaks of cases in which the bank failed not only ethically but also legally. While these events often went under the radar, they significantly contributed to the loss of trust.

What remains?

The history of Credit Suisse is a warning for the entire financial industry. It's not just about money or scandals. It's about responsibility – and the fact that no brand is big enough to be invulnerable.

While the remains of Credit Suisse now continue to exist in the shadow of UBS, its history remains a cautionary tale. As Mavin puts it: "It is a prime example of what happens when a bank loses its soul.