"Leave Paradeplatz, love paradise
," urges an airline advertising poster in Zurich's iconic square.
Credit Suisse has rather experienced a descent into hell which resulted in its absorption for a pittance a week ago by its neighbor in Paradeplatz and great rival UBS, under the leadership of the government.
Of the three major Swiss banks that existed twenty-five years ago, only one remains.
A trauma for the whole country and, perhaps, the deathblow for the reputation of its financial centre.
For the ambassador of the United States in Bern,
“Switzerland is going through its greatest crisis since the Second World War”.
Credit Suisse was, more than an institution, a national flagship.
His fall reminds the Swiss of that day in October 2001 when Swissair planes were grounded for lack of cash.
Founder of the bank in 1856, Alfred Escher, whose statue stands in front of Zurich station, was the godfather of the modern Swiss economy...
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