The bank crisis isn't over yet, and experienced individuals know credit crises don't end quickly. Some find it amusing that some think it's resolved, but in reality, we're headed for a major economic downturn due to this credit contraction.

This bank crisis is so far from being over. Anyone who has been around for longer than 12 years, knows a credit crisis isn't over in two weeks. Makes me laugh seeing folks thinking this was all over so quickly. We are seeing a credit contraction that is gonna lead to a major contraction.

And after 8 months this programme was aired, Credit Swiss has finally gone! Watching this again, how insightful it was!!

Every day we encounter novel challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.

I am really worried about the current bank crisis. If a bank as big as Credit Suisse could later fail, I fear for a lot more. I know a friend who is running a high-growth startup, and was badly hit by the bank run. I have pulled out more than $340k from my bank. After all, the FDIC covers only up to$250,000, and the implosion could have bad effect. Looking to invest into the stock market now. Does anyone know how I could go about it?

I worked at CS this summer - my manager was an absolute corporate psychopath. I reported him, but the investigation was swept under the carpet. While he was on "leave" I worked with another team, which had no idea what they were doing, but were extremely resistant to fixing things. No wonder the ship is sinking.

CS in Japan in the aughts. The BOJ did surprise inspections of most of the banks. They were looking to punish banks for excessive jpy trading and were sanctioning banks for any compliance/regulatory exception no matter how small. The way they did the audit was the banks provided a floor map of the offices and the BOJ went through the rooms one by one, ticking them off as they went. So what CS did was they altered the floor map to leave out one room. Then they put all of their objectionable, non-compliant files in that room. They nearly got away with it but the BOJ noticed there was a locked door they never had been through. Just another example of their rogue behaviour …

The teachings on this channel are always top notch so informative and easy to understand, it's very hard to find good content online these days

Excellent! Very clear, informative insight into the murky world of banking. And a very compelling argument against allowing these, completely unregulated, entities to control our national institutions - be it utilities or public services.

Amazing how nefarious these bankers have become yet no one faces punishment..smh

Recession is often the result of external factors, and it appears that the United States is losing its grip as a federal reserve currency. With a decreasing ability to control inflation and a reduction in stock and oil trading, it seems that a new multilateral world order

Whose here after hearing this came to reality 8 months later? Crazy

Would FT please consider using chapter breaks in their videos so that we can rewatch certain portions more easily?

On a much smaller scale, I am Swiss and used to be a client of CS. They have a policy of stalling on transferring your pension fund to another bank if it's in their best interests to do so. It took me three and a half months, endless calls, letters and visits to the bank to get my 3rd pillar investment fund transfered to my new bank, meaning losses of many thousands of swiss francs that I had invested with them for my retirement. It is an absolutely disgraceful institution and I hope the regulators nail them, fat chance of that happening though.

This episode way back saved my money. When CS SP was going down I started to look into investing in CS. Came across this in the process. Never trust a dodgy management

Great video, I only heard about the archegos and greensill scandals and now I truly understand why they approached me to become a quantitative Risk analyst. They need to control their risk processes a lot better it seems.

Missed the fact that Credit Suisse suffered more from its investment banking activities and acted more like an investment bank. Actually prior to the last 3 years about half of its profit contributions came from investment banking which provided all the risky products and most of the risky trades and behavior. And finally, this FT review also left out it’s CSFB (First Boston) link where a lot of the risk and bad assets from the GFC losses and other book losses were swept under the carpet for many years only to surface later. Best option - break it apart and sell off to 3-4 tier Swiss banks better management.

I'm 58 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, we are finding it impossible to replace it. We can get by, but cant seem to get ahead. My condolences to anyone retiring in this crisis, 40years nonstop just for a crooked system to take all you worked for,

i worked for 10 years at credit suisse in switzerland. the hq even. it was a good time. my area had nothing to do with any scandals but we had to shake heads when hearing and reading about them. its such a pity because there are working lots of great people there. the management really didnt live up to standards and there are way too many jerks working in sales/wealth management.

On Feb 5, 2018, Credit Suisse's ETN, XIV, lost as much as 90% of its value in after hours trading. The next day, the issue was halted and then traded even lower upon resumption. It came to light the following morning that the ETN had experienced an automatic liquidation triggering event.

This documentary only serves to confirm that wise old adage "never believe anything until it is officially denied". Turning to Deutsche Bank, this was once a solid, reliable and conservatively run bank. Things went wrong when it decided to embrace the Wall Street and City of London culture of casino investment banking.

Listening to the first few seconds of this, I had to check if the date it was posted was 2008... Clearly the lack of consequences for those responsible for the last recession, means bankers have learned nothing.

I used to work in credit Suisse as a contractor in private banking arm as I want to know if this is the right industry for me. Saw and heard a lot of undesirable conversations on the floor where the private bankers talk to their clients and worse among themselves ( the bankers are just glamourised hooligans using guns and bullets peppered in their convo. ) this was in 2009. I fled the co and finally see what I already trust how bad this bank is in 2022. Frankly credit suisse really should fold up instead of continuing its existence.

So far, it seem that all banks are just trying to avoid their turn from having their dirty side of the business exposed. To me, it just seems that this time it is credit Suisse. It does not seem quite a shocking event personally but rather an inevitable situation to all business involved in the dark sector of business world. ( money laundering, illegal money flows)

What a coverage! Amzingly put. Well done, FT!

To be honest, in the end it felt like a hit piece rather than an independent journalism. For the first 19 minutes they cover every scandal of recent years and then criticize the bank for not retaining their "talent" with ridiculous incentives. Clearly, that "top talent" was responsible for these scandals in the first place so the responsible thing for a bank is to get rid of them. Why would you criticize it if you don't want to simply paint a portrait of the bank as being a complete disaster? It almost feels like all the people interviewed shorted Credit Suisse and are trying to erode any confidence in the bank.

It's simply astonishing to me that they have any clients left to make money from. That in itself should make you wonder what their motives are for staying with a bank that clearly has a issue of culture - to name one of their biggest concerns. Company culture is practically impossible to reverse, unless you sack everyone. Clients who lose money with Credit Suisse from this point forward only have themselves to blame, they have received ample warnings.

Halfway through this one. My take: We have dumbed down people too much. We have younger people coming to positions of power and influence with no morals, ethics, acumen or expertise. We see promotion of credentials, affirmative action and nepotism. This is what we get without wisdom, acumen, morals and ethics separated from accomplishment and proven excellence. We all get affected by highly placed Peter Principle easily manipulatable tools in big business and in government. To make things worse, they don't have a clue as to how damaging and stupid they are and their hubris and entitlement is so prevalent in inverse to their capabilities.

Very good overview. One hundred years ago Detroit's glory days were beginning. Henry Ford and the Ford Motor Company had put the world on wheels, and General Motors was taking its first steps to eventually become the world's largest corporation. Ford, the Dodge Brothers, the Fisher Brothers, Walter Chrysler, Harvey Firestone and many other industrialists had put the foundations to build the world's largest industry and personified America's industrial supremacy. The world's largest yachts were not docked in Monaco or Ibiza but at the Detroit Yacht Club on the Detroit River and the Grosse Pointe Club a few miles down Lake St Claire. Now look at Detroit today... Yes, Ford, GM and Chrysler are still around but they are not anywhere close to what they were until the late 1970s. Moral of the story -- be careful as whatever goes up also comes down.

Credit Suisse treated me like dirt when I was attempting to open an account when I was in the country for school. Sat me in a room for over an hour just to tell me they don't take Americans. Told them off, walked across the street and UBS got me opened up in 15 minutes, along with a personal concierge and chocolates after I told them what happened with their rival. These troubles give me great schadenfreude.

As a Swiss I disapprove to have a system relevant bank with foreign CEO’s who haven’t a connection to our country and traditions. If us taxpayers once again have to help Credit Suisse we should demand of them a severe code of conduct. A bank doesn’t need to be in the news.

If any normal person without a large amount of money behaves in this way they go to prison. Yet a rich banker gets "time from shareholders" to turn it around. Disgraceful.

Complacency and set in their old ways of doing banking business are doomed to failure...perhaps learning the hard lessons always comes with the ultimate price of liquidation of Credit Suisse or maybe asset stripping by UBS...remember no bank is guaranteed or immune from scandals for life, just like the venerable Queens bank, the Barings Bank which was also caught up in a scandal involving the Nikkei 225...

Axel lehmann , chairman , credit Suisse. The surname itself is enough to send shivers down the strongest spine 😂

I kinda feel sorry for the chairman of CS. I can tell he’s in full damage control mode, and I kinda believe his intentions are genuine to try and turn things around. Through the whole vid, he’s being very considerate of exactly he says. Actions speak louder of course, and we’ll see what happens. Seriously, if anyone is studying PR, watch what he says and how he presents his arguments.

There is one thing which is surprising. FT doesn't even let me read their articles, unless I pay for it, and here it has made a full fledged documentary and released it online, for free. Why ?

Imagine firing a superstar CEO who turned one of the biggest banks in England from Zero to Hero because he attended a sports final ultimately paying millions. For me the story doesn't smell right, he probably wanted to change a lot of things in credit suisse that left a lot of people very uncomfortable.

The bond holders who were wiped out obviously had plenty of warning to cash out.

Every financial goal requires patience, dedication and consistent spirit knowing that investment is currently the most lucrative business in the world, both NFT, real estate and Crypto shares are really positively changing people's lives.

Financials scandals just won't be the same without credit suisse 😢

Very well done docu. Shows you cannot trust banks and other large financial institutions.

The task is simple. Restore integrity and credibility before the investors run away with their money. The execution of that task remains to be seen. Whomsoever thought that money couldn't be attached to ethics and morals, better think again.

In the current case, a significant portion of the inflation is caused by supply chain disruptions. To reduce current inflation the government should be using tax incentives to compensate consumers for delaying their purchase of homes and other high priced items until next year and the following years, when the supply chains should be more stable, and our productive capacity will be restored. This would allow people to save more money, while demand is reduced, instead of the Fed taking away their money to reduce demand.

A girl I know, her dad has been CEO for both credit swiss and UBS, and I can say that this is sorta wrong. The banks are very stable and cater mostly to regular swiss people. 95% of vcampaigns and such are for regular people. The reason why many individuals may want a swiss bank account is because they believe they are stable. switzerlands banking system has changed a lot and laws have been created to stop the secrecy.

Everyone is doing it in banking except that CS is very unlucky to be caught too often. Let private banking return to its plain, boring roots. Investment banking should be greatly curtailed because excessive risk taking in this area is creating one crisis after another.

I have never worked for a more self-centered company. It will not change - just look at the salaries. More than 1300 senior manager have just one simple goal: stay as long as possible and get paid like nowhere else (1mio plus). No incentive to change the bank, just sit and earn.

I agree with your critical conclusions about Credit Suisse. The board and the executive team of CS have deeply shamed its founder and the values of Swiss people, myself included.

After the 9/11 attacks in 2001, Credit Suisse built a big IT center in Raleigh, NC to decentralize itself from having all its US operation being in the NYC area. It was a major employer in Raleigh. I did not work there. In the 2020 pandemic recession, I looked back at Credit Suisse to see if they were hiring. They had a few jobs but not much of interest. I looked elsewhere. I was not aware of their corporate demise. Wow.

Unbelievable ineptitude and internal risk mismanagement, to say nothing on the Swiss regulatory authorities. I do believe they are most likely going to fail and when they do, not if, that will start all the EU banksters to fall like a pack of cards. None of them have liquidity and the ECB does not have the assets to bail them all out, so bye bye the fiat Euro, then the US. Troublesome times ahead for them in this Q3 or all of us in Q4 latest. I hope not.

Thé cultural arrogance was known for a long time. These problems were endemic and stored up since a very long time. They will rebuild from here independently. I remember in 2006 on about the infighting and competitive streaks between departments. This has not changed & I expect it to continue. I found the financing was less stringent than UBS. The risk & credit analysts were all known and mapped by our business. This new $CS will grow up finally under Alex.

The backward thinking that they had to employ "heavy hitters" and big names is simply absurd. The financial markets are at the whims of people and finding competent, steady folk is difficult.

Good Job well done - it's the worst bank and a shame for the Swiss financial marketplace. If this would happen in any other business or industry, they would go to jail. thx for good reporting

Greenshill 'reinvented' supply chain finance that has been around for 300 years as a 'fintech' play. Anyone doing basic DD could have figured that out and questions would be asked.

My career start in this bank, I moved to risk team, meet great colleagues. Then around 2017, our whole team got cut. Management chose today.

You give little blame to Urs Rohner, chairman for +10, vice-chairman for 2 and head of legal/compliance for 5 years. He didn't have any vision, sense of business and performed even poorly in the area of his expertise. Unfortunately he's a smooth talker and excellent networker, which kept him in power for far too long.

I love when scammers loot the scammers. Most of the deposits of credit Suisse is corrupt money.

Thank you FT for your important journalism!

The so callled International highly repuatable bank is just deguised to dupe investors and making money from trasaction , But the bank didn't have proper structure to control risky venture/investment

Awesome and very gripping documentary. Nice video. Keep up the good work.

I think we're yet to realise how big this collapse is

After the whole Greensil issue, it's pretty obvious this bank is a joke when it comes to risk assessment.

I wouldn't be surprised if UBS is still struggling itself. I would be cutting my exposure seriously if I was a customer in ANY big and exclusive bank right now.

This is the banality of evil, the status quo of the global banking industry. You would find these same failings and much more if only you could truly scrutinize these evasively opaque institutions.

UBS was one of 6 global financial institutions I’ve ever worked for and they are far and away the worst in terms of how reckless they were not only in taking risks but also in how selfish with personal bonuses members of senior management were. It was very obvious they were there to maximise their personal rewards with absolutely no regard for who would have to come and clean up the repercussions that were bound to befall their organisation a few years down the road. Everyday, you couldn’t help telling yourself everyone of them were there to milk the immense banking franchise for personal gains, pocket maximum bonuses and then leave the bank to repeat the same heists in a new employer 4 years down the road. And that’s exactly what many of them did - many of the UBS senior management members jumped ship to Credit Suisse around 2005 to 2010, the period straddling the global financial crises. And if Credit Suisse is now in trouble, it should be no surprise to anyone that some of those who were causing it had been poached from UBS during the first decade of the 2000s. This is not to say that the senior management of Credit Suisse are not culpable: they clearly are not much better. But the cowboys from UBS certainly perpetuated the rot if not took it to a whole new level. All told, i was able to witness up close what a huge bunch of moral degenerates hitherto supposedly well-regarded ‘Swiss bankers’ really were.

I work for a Swiss bank and I hate the fact that more and more former CS people join our company. It will not end well for us. They have already effed up our corporate culture. A question of time before they eff up our balance sheet as well.

Credit Suisse is rapidly transforming into Debit Suisse.

The very top level management are going the right way but risk and compliance needs to be embedded in every day in every way. And that takes breaking up the mini empires running in CS. It may take a mass firing to get rid of those people.

After the end of banking secrecy Switzerland lost its edge and now has to do something that is not used to do: compete. This explains what is going on now in CS and also other ch banks. Good old days are over for Switzerland. What Switzerland has to offer now vs Frankfurt for example? Switzerland does not even have full access to the much bigger EU financial market in many areas, not to mention the lack of professional, transparent mentality and the undustified high costs that are paid in CH (not for too long I guess).

While that clock ticks, I’ll be adding positions to Credit Suisse. Never let a crisis go to waste.

Incredible!! Good point made at 4:00 by Natasha Harrison. Impressive integration of the clock mechanism throughout the video.

Brilliant piece this. So professional in its editing, content etc. FT - the finest. Bravo.

Given the role they have played during the 2008 financial crisis, rating agencies such S&P should think twice before giving advice on risk management

If credit suisse has been ignoring a thing called 'risk management', they are not about to start now.

The world thinks THE SWISS BANKS are the best managed, have the best financial controls credit controls - and this video shows that no banker/s countries should every be trusted by name, years of experience or their high profiles advertising

Extremely well done! EXCEPT failing to point out the present chairman keeps pointing to its 165 year history, and ignores the reality of it's fraudulent culture, WHEN the bank is FAR from its historic origins, with its greedy bankers, speculative managers, promoting high risk investments!

Bottom line: the sanctions against the Russian Oligarch Mafia have hurt them badly.

People hate banks and trully not care about a Swiss firm making it back. In fact, people are fed up with the lack of accountability and would pretty much prefer scandalous bank leaders and their teams to see the insides of a prison cell for a few decades.

interesting to know what's going on with the people looking after public money

I will forever be indebted to you you've changed my whole life continue to preach about your name for the world to hear you've saved me froma huge financial debt with just little investment, thanks so much Mrs. Sophia

I am not very educated in these sort of things. I do really like the way the video is presented, no drama, just facts.

Switzerland lost its credibility with its banks (UBS and Credit Suisse) when the banks immediately gave information of accounts to the American government/tax office. Most of my business friends have moved their banking to Singapore.

Risk Taking was rewarded. Risk for the clients, reward for the banks/wealth managers. Let that sink in!

the sheer malicious joy when their cashier told me i couldn't do my next transaction yet, because they had to do some AML checks

Worked for a Swiss Private Banking group for 5 years and it was fascinating.

you know, if any of these crooks ever went to prison, I bet the system would "reform" really quickly.

I suggest retail individual businesses should give banks share in capital just like mortgages are issued.

Echoes of Enron.....kept hanging on for years with reboots and fresh starts but the rot was terminal.....then broader market stresses pushed it into the grave it had dug for itself.

And now they are wasting time and money suing Inside Paradeplatz as if this online Blog was to blame for their woes! Ridiculousness 🤣

Gotta love managers bullshitting: "We have a 160 years history." Dude, you are a new hire among 50% new hires, looking for ticking time-bombs.

This aged incredible lol.

Today you have the answer to your title. What a terrible outcome.Absolutely spectacular.

I would like to point out 22:30 talking about NEW employees as a risk reducing factor. A director of the old times could have disagreed because INNOCENT employees could have been eliminated through criminal insider group manipulations for the new recruitment. Those who have been victims of manipulations and temptations know why they gave in while formerly uncorrupt. These are precious coollaborators in finding out what EXACTLY happened. May I also point out that bank corruption is a relatively new concept that appeared with the culture of kleptocrat globalism. Lehman Brothers is another case to compare, a bank of such a deep tradition crushed and disappeared more than 10 years ago. The report gives the imoression that the Swiss culture is purity itself but this is not true. I know a French man whose friend is a Swiss journalist and Swiss involvement is also suspected in my "case" linked to my deceased uncle Itsuo Tsuda. I'm a victim of a huge scandal that has yet to be elucidated, and one of the events that led to physical torture with social engineering of my family who would believe the nightly torture was a fruit of my imagination or hypersensitivity and this event would have been impossible without the corruption AND most of all, MANIPULATION of the whole town government structure by shredding what would be noticed as an undeniably suspicious event. Employees that could give valuable clues are absent or replaced with all sorts of reasons in a timely manner. The smartphone allows knowledge of the plans of an auditor, for instance, before he will arrive. This sort of criminal surveillance becomes unnecessary when the auditors themselves call in advance as the new culture of civility towards the rich (and everyone else) has been imposed by rich and powerful criminals who play the victim. Mélenchon of NUPES (France) is a good example though he himself might not know that, he being only an instrument for the globalist cause. Hanjin SC and the auditor the Korea Railway Systems engaged were in collusion with regards to the torture I mentioned. Hanjin could be a client of Crédit Suisse, who knows. Money corrupts with humanity put up as value, a small gift is not so small when it influences the way you think about a newcomer compared to others of the same quality. Korean Air has given a lecture, when I was an employee there, about human psychology for marketing purrposes. This is like a knife or Edward Snowden's revelations. It can do good helping surgery and so on, but also maim and kill. A good criminal doctor can do both, the saving lives allowing an INSIGNIFICANT but SELECT number of killings to go on (compared to the lives he saved) in the dark while these will be presented as medical errors or patient's underlying weakness.

When it comes to investing, we want our money to grow with the highest rates of return, and the lowest risk possible. While there are no shortcuts to getting rich, but there are smart ways to go about it.

My only question when something like this happens is how do you lose 160billion?, where does is it all go? All of these suits can talk all day but how is someone allowed to 'lose' all that money?

If a bank forgets it's 166+ year old culture of custodianship in a (longish) summer of excess and (i suspect) progressive entrapment by its competitors, then the bank is cursed to teeter between brash mediocrity and puritanical risk averseness in the coming decade. Does such a bank even deserve to be kept breathing on life support ? This is not an ordinary year, or an ordinary decade.

Today is March 14th, 2023, and Credit Suisse has hit an all-time low stock price. The collapse has just started with the first 3 banks closing in the last week. *SPOILER* It was not the bottom

They don't say much about the individuals actually making those high risk positions. Only very high level of managers not keeping an eye on things properly. Where do those dealers/fund managers come from? Are they the cowboys that relocated from London? London and the UK have the biggest money laundering facilities in the world. Gibraltar, Cayman Islands, Guernsey, Jersey, British Virgin Islands, Bahamas ....... need I go on?

Switzerland, the birthplace of the Basel Framework for bank risk management. Are they breaking their own rules? I have 19 years experience at a Japanese bank, and must pass risk management certification for bank and understand how to enforce it, strange if the Swiss Bankers didn't do it

What's about an MBO ? And to have a structure like the big4. If the stock price continue to fall, it could definately be possible ^^

The lady came on and said alongside other large banks in Europe and in Switzerland, that is the future of the banks. It remains a group, a strong international franchise, high diversification of revenues, strong capital and a HIGH BUFFER OF THE BAIL--INABLE DEBT TO PROTECT SENIOR UNSECURED CREDITORS. THAT WORD BAIL = IN the european bail in system is what they did to the poor citizens of Cyprus who were forced to bail out bankrupt banks with the depositors money. What she implies would happen to the depositors money would be used to PROTECT SENIOR UNSECURED CREDITORS WHO ? other banks and insurance companies , their large high net worth elite clients and large business customers by having the ability enshrined by the EU central bank to steal the depositors money by exchanging some or all into worthless bank shares The next financial banking crisis, the money will come from the european banks ability to STEAL their depositors cash in order to pay out other banking and financial businesses who are too big to fail. The message from this lady was that little retail customers don't matter only for their collective bank deposits which in time of need the bank can steal.