The fall of Credit Suisse (CSGN.S) has dealt a serious blow to Switzerland’s credentials as the world’s leading wealth management centre, experts warn, calling into question its reputation for stability, regulation and corporate governance.
Battered by years of scandals and losses, Credit Suisse had been fighting a crisis of confidence for months, before its demise was sealed in just a matter of days last week when Swiss authorities brokered a takeover of the bank by larger rival UBS.
UBS itself needed to be rescued by the government in 2008 after a disastrous foray into U.S. mortgage securities.
Switzerland’s wealth management leadership at risk due to Credit Suisse’s collapse, according to analysis
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