“Historical Scandal”, “Incompetent CEOs” and “Black Market”

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The Swiss banking quake is making headlines around the world – but as expected, Swiss media is ranking Credit Suisse’s takeover by UBS as the best.

Tamedya newspapers, including “Tages-Anzeiger”, carry the headline “This takeover is a historic scandal” in their editorials. The federal government, the financial market supervisor, and the National Bank (SNB) were “deceived” by UBS. The new mega bank has its advantages. Disadvantages of taxpayers, customers and employees. Switzerland’s image as a stable financial center has been permanently damaged as a result of the end of CS.

“NZZ” also finds clear words: “Switzerland is now rid of a zombie bank, but on Monday it will wake up with a monster bank UBS.” Just a few months ago, no one thought that CS could fail. But the fall was not an accident. “Value was destroyed on a massive scale at the hands of executives who carelessly underestimated risks and desperate board members who lost control too often,” the newspaper writes.

Former CS bosses criticized

The “Aargauer Zeitung” considers the solution submitted on Sunday evening a “catastrophic”. Credit Suisse will be sacrificed for the stability of the financial system. The fact that CS is being sold at a bargain price is “humiliating” to the bank, its employees and top bosses. Former bank bosses in charge: “The incompetent CEOs and board members who have driven the honorable 167-year-old bank into the abyss over the last 10 years are to blame.”

“Südostschweiz” interprets the end of Credit Suisse as “the tragic end of a tragedy”. Contingency resolution only produces losers – this also includes UBS, which will choose to go its own way in southeast Switzerland.

The French-language newspaper “La Liberté” described it as a “black market” for Credit Suisse yesterday. “The unthinkable has happened.” The Federal Council had no choice but to persuade UBS to take over CS. The newspaper mainly asks about the fate of the employees. No matter what the managers say, the result will be “pain” for them. According to the newspaper, there is also a bitter taste in the mouth for taxpayers as the SNB will have to move up to CHF 200 billion.

Source :Blick