Credit Suisse: what next for the crisis-hit bank? | FT Film

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Financial Times

Financial Times

Yıl önce

The Credit Suisse story is about how finance went wrong at one of Switzerland's most important institutions and one of the most important banks in Europe. It's a tale of high-profile scandals, from corporate espionage to cocaine smugglers and oligarchs. But what does the future hold for the venerable institution? Credit Suisse's new chairman, Financial Times reporters and banking industry experts explain it all. Read more at
Produced, directed and edited by Daniel Garrahan
#banking #creditsuisse #finance #lender #Switzerland #ubs #zurich #scandal #spygate #tidjanethiam #axellehmann #thomasgottstein #banks #morganstanley #spying #oligarchs #covid #lockdown #antoniohortaosorio, #coronavirus #archegosgreensill #markets #bonds #investing #investmentbanks #investment #money #scandals
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@antonnohr 2 aylar önce
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.
@Rodxmirixm 2 aylar önce
After the '08 financial crisis, I've learned not to trust corporations. Since 2020, I've been investing with a financial advisor and have had no major losses, so I'm not going back to relying solely on banks.
@ClementRusso2 2 aylar önce
Many overlook that banks are profit-driven businesses. I don't trust keeping a large sum in a bank, instead, I invest with guidance, enjoy the benefits, and save for retirement.
@Jason9o669 2 aylar önce
Well said . Personally,i diversify my investments across various markets with the guidance of my financial advisor, Stacey Lee Decker. I’m happy about this decision . This routine has enabled me to achieve attractive good returns through high dividend-yield stocks, digital assets, ETFs, and bonds.
@VickyAlvy 2 aylar önce
With high inflation, I want to invest my idle cash. Thanks for sharing her impressive resume that I found online!
@Jason9o669 2 aylar önce
You’re welcome. I’ve made over six figures passively with Stacey Lee Decker’s guidance in a strong financial community. Market crashes don't affect my returns.
@GillerHeston 4 aylar önce
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.
@rogerwheelers4322 4 aylar önce
It's often overlooked that banks are also corporate entities driven by greed. One of the contributing factors to current bank crisis is the banks' excessive leveraging of assets. However, on the advantageous aspect, economic downturns offer numerous prospects for ordinary individuals to create wealth from the ground up. Nevertheless, seeking guidance from an investment planner might be necessary if you desire a more assertive return.
@joshbarney114 4 aylar önce
In the world of fina-nce, crisis are prime opportunities for wealth creation. When my port-folio suffered a significant loss in April of last year, I realized the need to enlist the expertise of a financial consultant. With her guidance, I have not only recovered from my losses but also generated a profit of 450k. The knowledge and skills I have acquired through this experience have been inval-uable in my journey towards finan-cial success.
@FabioOdelega876 4 aylar önce
@@joshbarney114 I find this very intriguing. Can you suggest the name of your advisor? I could greatly benefit from some guidance.
@joshbarney114 4 aylar önce
@@FabioOdelega876 "Colleen Janie Towe" is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@FabioOdelega876 4 aylar önce
@@joshbarney114 Thank you for this tip , I must say, Colleen appears to be quite knowledgeable. After coming across her online page, I thoroughly went through her resume, educational background, and qualifications, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
@MSMS-ug3zu 8 aylar önce
And after 8 months this programme was aired, Credit Swiss has finally gone! Watching this again, how insightful it was!!
@Bat_Boy 8 aylar önce
You read my thought bubble! 👍
@cedcol356 8 aylar önce
Try reading Karl Marx for "insightful"
@andrewmckay9476 8 aylar önce
How can journalists be waving red flags and yet!
@illberightback5015 8 aylar önce
lol yea
@Rochelletrem 4 aylar önce
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.
@berkrix4312 4 aylar önce
Despite hearing that insider trading secrets could lead to making millions in the financial market, I hesitated to invest as I lack the required skills and a sound strategy to surpass the market and achieve profitable returns. Additionally, although I possess $160,000, I find it challenging to take the plunge due to a shortage of funds.
@theresahv 4 aylar önce
It is advisable to steer clear of cons that appear improbable. Seeking guidance from a fiduciary advisor can be helpful as they are highly skilled in their field and can provide tailored advice based on an individual's risk appetite. While there may be unscrupulous individuals, there are also remarkable ones with a positive track record.
@DavidRiggs-dc7jk 4 aylar önce
@@theresahv I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you
@theresahv 4 aylar önce
My advisor is ‘’Julie Anne Hoover’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
@DavidRiggs-dc7jk 4 aylar önce
@@theresahv Thanks for sharing this. I did my own little research, and your advisor looks advanced and experienced. I wrote her and dialed her twice but she didn't pick up so I scheduled a phone call.
@parrish8386 7 aylar önce
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?
@lowcostfresh2266 7 aylar önce
I have learned to not trust corporations. I was badly hit by the '08 financial crisis. Since 2019, I've just been focused on investing through a financial advisor, and it has been paying off, and I'm never going back to banks full time.
@TomD226 7 aylar önce
@@lowcostfresh2266 This sounds really interesting. I've been thinking of pulling out my money too. Could you recommend who your advisor is? I could really use some help.
@lowcostfresh2266 7 aylar önce
@@TomD226 Having a counselor is essential for portfolio diversification. My advisor is Laurel Dell Sroufe who is easily searchable and has extensive knowledge of the financial markets.
@fadhshf 7 aylar önce
The stock market is not going to recover or protect what you pay for stock any better than cash. With inflation, cash is falling in value vs cost of living. No company on the stock market is protected from risk bar the big non-tech stocks like the large consumer brands (which will also see a slowing demand and higher cost of production). Better to invest your cash under $250K so its protected by FDIC. US gilts at present are not going fall in value unless interest and inflation rates fall too fast.
@nccamsc Yıl önce
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.
@kirilmihaylov1934 Yıl önce
Let them sink in
@robertor.7319 9 aylar önce
I also worked in CS a few years ago and had a great team and exemplary management. People I worked with deeply cared about quality and process. Your comment is superficial, you cannot judge an entire company of such size according to your very limited experience and visibility. It's obvious that not everybody is "good" or "bad", like everywhere in the world. Credit Suisse's top management made several big mistakes and now the company is going to pay for that. It will take a long time to recover, if ever. But those who will carry the most weight are the employees that probably did not deserve it. So I don't feel like commenting as Mr. Kiril Mihaylov did below with his shameful "let them sink", without thinking about all those who will lose their job.
@notbaltic280 8 aylar önce
You didn't do well there then. Thing is if you think everyone around you are wrong the likelihood is that you're the problem.
@kirilmihaylov1934 8 aylar önce
@@notbaltic280 no CS is the problem
@DD-sr9xm Yıl önce
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 …
@daviddelburgo2851 8 aylar önce
DB in Japan in the Aughts. Same same, but different.
@fosterwhales1027 11 aylar önce
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
@bernddamian9519 11 aylar önce
I agree with you on everything, these days finding a financial mentor is a tough challenge which is why I am happy and grateful to have been introduced to my mentor Larry Kent Nick by a friend. I made a lot of money in just two months working with him for just a small investment
@beatricer.damiano4218 11 aylar önce
I have been in the financial system for over a decade now, I have never seen anyone as talented as Mr. Larry kent nick, I must confess that he is the only one I trust my investments with
@fosterwhales1027 11 aylar önce
Who exactly is this Mr. Larry? what does he do? And how can I take advantage of him
@bernddamian9519 11 aylar önce
He is a financial advisor and investor, he helps people to better understand the financial markets and he also does trading and investing on your behalf.
@whomadethatsaltysoup Yıl önce
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.
@ccahill2322 Yıl önce
whomadethatsaltysoup, You just said it. And there is a perfectly legal and democratic way to do it. That is, "instead of arguing about the clock being fast or slow" --fix the clock. Nationalize the Central Bank.
@asha8443 Yıl önce
Amazing how nefarious these bankers have become yet no one faces punishment..smh
@ExxonMobilCompany 7 aylar önce
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
@robertlucas8288 7 aylar önce
It's important to keep in mind that investing is a zero-sum game with both good and bad days. However, by spending and investing wisely and diversifying your holdings, you can minimise risks and maximise gains. Hiring a knowledgeable investment advisor with a wide range of options can help you achieve this and leave little room for regrets.
@charlotteflair1043 7 aylar önce
@@markgeorge8206 Would you mind recommending a specialist with a variety of investment options? This is extremely rare, and I eagerly await your response.
@gw3485. 8 aylar önce
Whose here after hearing this came to reality 8 months later? Crazy
@camerontubbs1 8 aylar önce
This is actually insane
@Hal10034 8 aylar önce
I wonder how much of their business was doing sleazy things for Russian oligarchs.
@jexter22 8 aylar önce
Yes me I’m here after 8 months
@strykenine7902 Yıl önce
Would FT please consider using chapter breaks in their videos so that we can rewatch certain portions more easily?
@nathanhobson4015 Yıl önce
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.
@kirilmihaylov1934 Yıl önce
All major banks will do such shady stuff
@markomak1 Yıl önce
@@kirilmihaylov1934 I think pension funds will be the main target of hedge funds and investment banks
@kirilmihaylov1934 Yıl önce
@UN KNOWN money makes the world go around
@KeithWhittingham Yıl önce
Shame on you. As a Swiss then ZKB or Migros!
@xzx3 8 aylar önce
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
@daviddeclercq9998 Yıl önce
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.
@chrisjlee2013 Yıl önce
Lol really? Well I eat dinner with Elon musk everyday
@davidong1074 Yıl önce
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.
@typical_watcher4599 Yıl önce
What is the surname of the chairman of Credit Suisse? Sounds familiar
@osman4552 Yıl önce
Sorry dude but CS collects majority of its profits from IB and private banking commissions and fees. Actually it was CS's IB division which managed to increase its profitability in 2021, meanwhile net interest income shrank.
@beyrutphl 8 aylar önce
@chrismillson2779 Yıl önce
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,
@viviangall1786 Yıl önce
I feel your pain, as a fellow retiree I’d suggest you look into passive index fund investing and learn some more. For me,I had my share of ups and downs when I first started looking for a consistent passive income so I hired an investment advisor for aid, and following her advice, I poured $130k in value stocks and digital assets,Up 200k so far and pretty sure I'm ready for whatever comes.
@bobbygunz9254 Yıl önce
@@viviangall1786 I think it's especially difficult for retirees and near retirees, I know to focus on the long term but the anxiety when you're supposed to be retiring in 3years is super exhausting, I've been looking into hiring a market expert as well
@LuisVargas-ih5vm Yıl önce
@@bobbygunz9254 I've been in the red for the past couple months, lost 12k last week alone, Indubitably I've got good companies but profit is still stalling, how did you go around finding an investment-advisor, I wouldn't mind looking yours up.
@LuisVargas-ih5vm Yıl önce
Jeremy Walker sure advisors are outperforming the market and raising good returns but some are charging fees over fees....seeing that their services are in high demand more than ever....Seems more like extortion to me.
@LuisVargas-ih5vm Yıl önce
Jeremy Walker okay thanks for clearing that up, already went through her web-profile and it seemed pretty tight which is why I was worried her fees will cost a ton haha. thanks a bunch for sharing
@99chmm Yıl önce
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.
@Antekdzi1 Yıl önce
Dude the whole company is a criminal enterprise, don’t kid yourself, you just had a good time because you were paid well from the suffering of the poor of the world. Get bent
@99chmm Yıl önce
@@Antekdzi1 nah. The company is huge and does tons of different stuff. Most is totally fine and clean.
@katana2k Yıl önce
@@99chmm what business were you involved in? I can't imagine a private bank who only deals with the ultra-wealthy being "clean" in any sense of the word. Like, even if the bank was diligent and forthcoming, they still catered to the Murdochs of the world.
@david.b4798 6 aylar önce
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.
@47PANADERO 8 aylar önce
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.
@AMindInOverdrive Yıl önce
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.
@abdulazizsaleh8650 Yıl önce
Exactly 💯
@janetpelletier1238 Yıl önce
Why learn if you don't have to? They've always been "change the rules of the game" kinda people. They just change the rules to work for them not society.
@Akas410 Yıl önce
Watch the whole video it clearly says that Credit Suisse in particular did not change post 2008 crisis.
@kloschuessel773 Yıl önce
A few things… 1. how where they responsible for the recession? Thing was a little bit more complex and it was the beginning recession/rising interest rates that pricked the housing bubble and then lead to banking troubles 2. bankers and banks respond to incentives set and play the system Everyone does that
@aakeelr Yıl önce
Same I checked date if it was 2008.
@jasxteo Yıl önce
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.
@R.E.A.L.I.T.Y Yıl önce
then youll love this one too
@qasimrashidi6870 Yıl önce
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)
@rishabhdwivedi7001 Yıl önce
What a coverage! Amzingly put. Well done, FT!
@JerzyFeliksKlein Yıl önce
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.
@thecountofmontecristo8280 Yıl önce
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.
@randomtourist6656 Yıl önce
Lol. And where exactly are the clients supposed to go? Most of the other banks out there more shaky & shady.
@stefanf.2540 Yıl önce
All these banks act in exactly the same way! Don’t think any of the global acting ones is any better than CS.
@tomlxyz Yıl önce
Pretty much every major bank has had a scandal where they screwed over their clients, so there's not much of an opportunity
@kirilmihaylov1934 Yıl önce
@@tomlxyz absolutely right
@Propelled Yıl önce
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.
@denton1972 Yıl önce
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.
@LTNetjak Yıl önce
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.
@vavaleo8316 Yıl önce
Vindication is as sweet as chocolate!🤣🤣🤣🤣🤣
@gautamsehgal1 Yıl önce
@vavaleo8316 Yıl önce
@@gautamsehgal1 Nein Nein Nein! It's an emergency🤣🤣🤣🤣
@walterkoch7328 Yıl önce
But you do know that the best schools are in the US of A. So what did you attempt to spend your time in Zürich?
@pascoett Yıl önce
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.
@jaapspruitenburg6625 Yıl önce
I feel you. Banking should improve a country and not undermine a country's culture. Mainly if a bank is in the news it means trouble and the greedy culture overtook the sustainable mindset of long-term growth. In the end, they just place bets and if they win they take the win, and if they lose, the house can pay.
@markp1333 Yıl önce
I mean if you are thinking from a tax standpoint you should just want a CEO who can return the money back to you and restore the company back to its glory days. It shouldn’t matter if they are Swiss, American, British or etc.
@markomak1 Yıl önce
Least racist Swiss
@KeithWhittingham Yıl önce
I think the problem is simpler than that. When the banks make a profit or even break even the bosses get a massive bonus. When the banks lose money the bosses have to give their bonuses back. Just kidding, they still get a bonus but slightly smaller.
@mentality-monster Yıl önce
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.
@JCB576 Yıl önce
Well it dependes. If you are working for the company under the companys name you should not be held accountable if you make mistakes. However if the "mistakes" are illegal and you are responsible for them you personaly can be held accountable if you get sued.
@mentality-monster Yıl önce
@@JCB576 Except we all know the banks write the laws through lobbying. Things that most people would consider criminal are perfectly 'legally' normal in the financial sector.
@RodrigoOliveira-tb7zf Yıl önce
@@mentality-monster like what?
@garyca6383 Yıl önce
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...
@FuzzCulture Yıl önce
Axel lehmann , chairman , credit Suisse. The surname itself is enough to send shivers down the strongest spine 😂
@tillamook7446 Yıl önce
Not the same as Lehmann Brothers. Crooked bankers do not need any association to be crooked.
@FuzzCulture Yıl önce
@@tillamook7446 ofcourse he has no association. Was just a joke on his name :)
@AdamWojszczyk 8 aylar önce
And here we are. :)
@JunkPhuJP Yıl önce
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.
@Countryhack01 Yıl önce
they dooo... dont hold jur breathe
@CAL-zq3dk Yıl önce
You are very trusting and optimistic.
@YogeshSharma-dz7cj Yıl önce
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 ?
@Google_Does_Evil_Now Yıl önce
They're trying to get money from those who will pay. I suppose based on their research they see that as the way for them. Others grow to become a huge online then make their money from large advertiser reach. TRshow pays per view. I'm guessing they will use the information they have for the paper articles to create the videos. So the research work is shared, cost saving. To be honest I'd like to know what's going on in China financially because there are at least 6 large banks where customers are blocked from withdrawing their money. 6 Hong Kong stock market listed construction businesses have been removed from the Hong Kong listing for not publishing the results from 2021 50 large construction projects have customers cancelling their orders. 91% decrease in some China bonds. Imports into China are down, suggesting reduced demand. Xi Jinping has not been seen for weeks, since he last had a meeting in Hong Kong where he met someone who the next day tested positive for COVID. He even cancelled a meeting with Putin. It's China having a financial crisis? Where is Xi Jinping?
@David-ej1ps Yıl önce
Good question...
@michaelr.landon1727 Yıl önce
@@Google_Does_Evil_Now TRshow Ad Revenue is incredibly significant.
@kieranlancaster1910 Yıl önce
Advertising as well - if they publish an video on here, they’ll hope that you sign up to read their web articles too
@gugururufofocucu8023 Yıl önce
I for one will NEVER subscribe for a Murdoch product again until they allow users to cancel via their account page without being forced to submit to the hard-selling lying scumbags in their outsourced call-centers. Go with Bloomberg. Easy in easy out without being treated like a child who has ask permission to cancel their subscription. Besides all the best talent at FT has moved over to Bloomberg etc
@hopfferomero Yıl önce
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.
@williamwilson6499 8 aylar önce
The bond holders who were wiped out obviously had plenty of warning to cash out.
@adamdiroff4869 Yıl önce
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.
@snakehandler1487 8 aylar önce
Financials scandals just won't be the same without credit suisse 😢
@randalmontgomery4595 Yıl önce
Very well done docu. Shows you cannot trust banks and other large financial institutions.
@vavaleo8316 Yıl önce
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.
@cooltrades7469 Yıl önce
Obviously history is not your strong point:))
@bobbymainz1160 Yıl önce
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.
@oneiljerry9460 Yıl önce
the severity of the condition of our economic circumstances is beyond many peoples comprehension and many continue to deny its existence.
@joesphcu8975 Yıl önce
People are working and there is little or nothing to show for it. everybody is basically working to sort out one bill or the other. no savings.
@lawerencemiller9720 Yıl önce
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire. Personally I hired ‘’ *Eileen Ruth Sparks* ’’ a financial advisor who sets asset allocation that fits my tolerance and risk capacity, investment horizon, present and future goals.
@lawerencemiller9720 Yıl önce
@@ruthspense9318 you may have come across her on a few interviews, just look her name up online to get in touch with her, her details are provided online
@deborahcurtis1385 Yıl önce
@@oneiljerry9460 I think people are paralysed by indecision not knowing where to put their money, or what to do. It's one thing to get out of debt, but the strange thing is that debt is ok in a sustained high inflation period. I think we have HAD that but its true nature has been withheld from us, with very manipulated inflation indexes. Nobody turned a hair about the inflationary key figures of housing and stock prices. So now we have supply-led inflation which is very dangerous. There's no 'velocity of money' type movement with a hit the brakes on lending and raising interest rates strategy. This guarantees a recession/depression. It's bizarre. In the latter case cash will be king since deflation will inevitable result. All involve various time lags and you can get caught on the wrong side and be illiquid. People are utterly confused. You would have to ask yourself if in the longer term there isn't a rush into PMs, so far there just hasn't been. People say the PMs have been manipulated and it's difficult to believe they haven't when you look at the extent of corruption generally. So the only certainties are stay out of debt because this inflationary period will spike and then we will have massive deflation? All the international indicators are sending out scare signals. It's really bloody confusing. I'm getting out of debt but it's not possible to watch from the sidelines, everyone is going to be hit. All I know is that the rich are being very cagey and trying to not flaunt their wealth. They're scared of being robbed/mugged that's how bad It is and the whole thing is just getting started.
@alexanderrydberg6118 Yıl önce
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.
@kirilmihaylov1934 Yıl önce
Actually this is completely false
@romulus2 Yıl önce
Only Oswald Grübel was the CEO of both CS and UBS. So you know his daughter?
@kirilmihaylov1934 Yıl önce
@@romulus2 Credit Suiise are still laundering money ...
@kirilmihaylov1934 Yıl önce
@@thunder881 actually they are
@symong8323 8 aylar önce
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.
@marcr7583 Yıl önce
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.
@zombiekilla7463 Yıl önce
how is that not normal? here in germany local village banks managers want their million per year while charging 1,50 € per paper transfer from old grannies, raising account prices, the million has to be, below is inhumane
@marcr7583 Yıl önce
@@zombiekilla7463 in total Germany 492 bankers earned more than 1mio. per year. At Credit Suisse alone it's 1'438.
@c_marco Yıl önce
Spot on
@ivohahn Yıl önce
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.
@bghone7044 Yıl önce
You loved it while it was working
@hydrohasspoken6227 Yıl önce
Spot on.
@hydrohasspoken6227 Yıl önce
Come on now, we swiss know this full well andyou are disappointed now.
@kkech1 Yıl önce
What values? Nazi gold values?
@marknc9616 Yıl önce
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.
@MsDakoDako Yıl önce
have you thought about writing a book documenting this fascianting experience? so glad you shared it with us all, incredible insight.
@skipbo7035 8 aylar önce
@@MsDakoDako lol
@merlin6955 Yıl önce
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.
@samis1219 Yıl önce
What has ECB to do with CS?
@deborahcurtis1385 Yıl önce
@@samis1219 Obviously to conduct a bank bail-out.
@aanonymuss3603 Yıl önce
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.
@gbickell Yıl önce
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.
@festermann Yıl önce
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
@davidjma7226 Yıl önce
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.
@MrGulth Yıl önce
The interesting concept was adding its AI to reduce risk and find small farmers that held good credit. Sounds amazing but I guess the technology did not exist.
@greenrachel1005 Yıl önce
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.
@fleischwolf82 Yıl önce
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.
@bulz89 Yıl önce
Not to mention how he enabled insane bonuses for the C-suite during Tidjane's time.
@amrendrasingh7140 Yıl önce
I love when scammers loot the scammers. Most of the deposits of credit Suisse is corrupt money.
@kirilmihaylov1934 Yıl önce
Good one
@mayap6055 Yıl önce
Thank you FT for your important journalism!
@Jason-sf8vx Yıl önce
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
@TheMrFishnDucks Yıl önce
Awesome and very gripping documentary. Nice video. Keep up the good work.
@NFFCEvans007 8 aylar önce
I think we're yet to realise how big this collapse is
@zeenofin5234 Yıl önce
After the whole Greensil issue, it's pretty obvious this bank is a joke when it comes to risk assessment.
@MayorSom Yıl önce
Don’t say that!! 🙂➡️😬
@watchthe1369 11 aylar önce
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.
@MatthewStinar Yıl önce
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.
@thinking6307 Yıl önce
neither a borrower nor a lender be....Daniel Garrahan
@kirilmihaylov1934 Yıl önce
@@thinking6307 it is not that simple
@cooltrades7469 Yıl önce
So , don't use a bank...simple...don't borrow . don't that, etc.
@kindface Yıl önce
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.
@grunchlk Yıl önce
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.
@varun3402 Yıl önce
Relax. UBS and CS have always had employees crossing over.😁
@spurgendahl Yıl önce
Credit Suisse is rapidly transforming into Debit Suisse.
@kirilmihaylov1934 Yıl önce
Old games
@gerhardvanderpoll7378 Yıl önce
@fc4660 Yıl önce
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.
@davidtoma7407 10 aylar önce
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).
@jle92708 Yıl önce
While that clock ticks, I’ll be adding positions to Credit Suisse. Never let a crisis go to waste.
@LuxusHauserGroup Yıl önce
Incredible!! Good point made at 4:00 by Natasha Harrison. Impressive integration of the clock mechanism throughout the video.
@QQQQQman Yıl önce
Brilliant piece this. So professional in its editing, content etc. FT - the finest. Bravo.
@thomastinti2879 Yıl önce
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
@deborahcurtis1385 Yıl önce
Yes how quickly people forget, & especially if they're making money they don't want to know...
@zollen123 Yıl önce
If credit suisse has been ignoring a thing called 'risk management', they are not about to start now.
@draganstankovic2438 Yıl önce
I've heard that main risk manager at TFX is ex CS risk manager. It's really bad when an clearly under intelligent person thinks that they've figured out the life.
@arunshah7171 Yıl önce
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
@exploreworldbirds Yıl önce
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!
@exploreworldbirds Yıl önce
What? Are you going to offer me Well Fargo options fraudulent to the core?
@procerpat9223 Yıl önce
Bottom line: the sanctions against the Russian Oligarch Mafia have hurt them badly.
@analogGigabyte Yıl önce
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.
@HandleMoreThan3CharactersPlus1 Yıl önce
interesting to know what's going on with the people looking after public money
@himedft Yıl önce
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
@pablojabo Yıl önce
That's great
@pablojabo Yıl önce
So you guys still know her too
@jimmaisamaila Yıl önce
@@pablojabo Bitcion investment is what people should be going into all thanks to her for my successful withdraw ❤️.
@amyshirley6008 Yıl önce
Jennifer My first experience with her gave me the assurance that has made me to invest without fear of loosing
@humphreygeo Yıl önce
@@amyshirley6008 I invested £5000 pounds I I received £54,000 thousand pounds within 7 days working
@Oscarspoem Yıl önce
I am not very educated in these sort of things. I do really like the way the video is presented, no drama, just facts.
@johntheaccountant5594 Yıl önce
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.
@hendsentjhi6348 Yıl önce
Risk Taking was rewarded. Risk for the clients, reward for the banks/wealth managers. Let that sink in!
@tomjones8328 Yıl önce
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
@traydar5 Yıl önce
Worked for a Swiss Private Banking group for 5 years and it was fascinating.
@psusac Yıl önce
you know, if any of these crooks ever went to prison, I bet the system would "reform" really quickly.
@moosesnWoop Yıl önce
too rich for that
@melk33 11 aylar önce
I suggest retail individual businesses should give banks share in capital just like mortgages are issued.
@dominicestebanrice7460 Yıl önce
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.
@thomasgood3472 Yıl önce
That case was even worse.
@deborahcurtis1385 Yıl önce
I'm not a paranoid gold bug but you have to ask yourself if we are going to see more institutions fail and what is going to stop it this time if governments are maxed out.
@thetruthwillsetyoufree9209 11 aylar önce
And now they are wasting time and money suing Inside Paradeplatz as if this online Blog was to blame for their woes! Ridiculousness 🤣
@jeronimo196 Yıl önce
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.
@fliu5282 Yıl önce
yeah once the most prestigious Inv Bank, now you go...
@fliu5282 Yıl önce
@fliu5282 Yıl önce
@fliu5282 Yıl önce
as the President & CEO...shockkkkin
@ChiefKene 8 aylar önce
This aged incredible lol.
@googleuser5343 8 aylar önce
Today you have the answer to your title. What a terrible outcome.Absolutely spectacular.
@hewonvervault1223 Yıl önce
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.
@MeiinUK Yıl önce
The term that you are looking for is called "social engineering"... However... being in these kind of jobs, you probably are tested and rewarded through time. i.e. Can you be trusted, in your entire life... Yes or No. And simply.. time will tell all, as well. As much as people keep stating that, they should not do anything... but if you think about things... there ought to be gatekeepers also too. If they failed.. then it cannot be such that they are gate keepers... Unless, they deliberately failed. Despite some people state that... 9/11 happened.. then how come there isn't anything to be stated that... actually... they could've been targetted.. So start anew, isn't a bad thing. How can you see a situation from a single angle? From two angles. Or in time.. you will see a given situation from multiple angles. So no... being the front man, isn't necessarily just client facing.
@wiebranddebacker2393 Yıl önce
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.
@byronwells5996 Yıl önce
@byronwells5996 Yıl önce
@byronwells5996 Yıl önce
@randytravis8283 Yıl önce
That's her WhatsApp Info
@cedricbrown8950 Yıl önce
Send her a direct SMS to start trading and earning...
@Red13093 Yıl önce
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?
@chrisjlee2013 Yıl önce
If you watched the video, they mentioned that CS gave all those loses to their client’s pool of investments. So it’s considered “part of the risk”, and there’s nothing the clients can do about it. Or probably aren’t even aware of it. Since having drawdowns are a part of investing.
@puggleski6097 Yıl önce
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.
@TheNewsBadger 8 aylar önce
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
@TheNewsBadger 8 aylar önce
Update Monday, March 20th, 2023: UBS has bought Credit Suisse and applied a band-aid to the bleeding.
@perro0076 Yıl önce
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?
@analogGigabyte Yıl önce
Well said
@DrJohnnyJ Yıl önce
The US has them beat but keeps it even quieter: Delaware corporation.
@erinprasetyanto2349 Yıl önce
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
@e.djamili9466 Yıl önce
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 ^^
@michaelmayes9689 Yıl önce
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.
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