Swiss lawmakers have released a 560-page report on the collapse of Credit Suisse in 2023, revealing a culture of secrecy and mistrust among officials that hampered the country’s response to the crisis. The report sheds light on the behind-the-scenes meetings and informal conversations that took place among government officials, including former Swiss National Bank president Thomas Jordan and former finance minister Ueli Maurer, in the months leading up to the bank’s collapse.
According to the report, these “non-meetings” were favored by Jordan and Maurer, who feared leaks and opted for informal discussions without written records. This left key government officials in the dark and hindered their ability to prepare for the eventual state-backed rescue and sale of Credit Suisse to UBS. The report also highlighted instances where officials were unable to obtain necessary documents outlining the bank’s problems or possible solutions due to the culture of secrecy.
The report’s authors were unable to reconstruct the details of some of these non-meetings, including one between Jordan and former Credit Suisse chairman Axel Lehmann. This lack of transparency and communication within the government caused confusion and conflict, and ultimately hindered their ability to effectively address the crisis.
The collapse of Credit Suisse not only tarnished Switzerland’s reputation as a major center of world finance and a safe haven, but also raised questions about the safety of global banks and the ability of governments to handle financial crises. The report’s findings highlight the need for greater transparency and communication within the Swiss government, and serve as a cautionary tale for other countries facing similar challenges in the future.