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In the interest of the “common good”, the Swiss government has made decisions that damage its reputation and trust on the international stage. The democratic West gambles away its competitive advantage.
Books will be written about the decline of Credit Suisse. But fundamental questions must already be asked today: Was the end of the bank heralded when Switzerland gave up its banking secrecy? Did the negative interest rates that prevailed in Switzerland for more than a decade tempt the bank to take excessive risks and accept bad deals (Greensill, Archegos, etc.)? Was their management just bad compared to other banks? Do private and investment banking simply not go together?