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Marcel Rohner, 58, got a little pissed off when a journalist mistook him for his namesake, Urs, 63. Urs Rohner, longtime former chairman of the defunct Credit Suisse, Marcel Rohner, chairman of the Swiss Bankers Association. This had invited him to his annual media conference with one agenda item: the end of CS and its implications for the financial centre.
But there wasn’t much to learn about it, because the biggest banker in Switzerland, like most people in Switzerland, was on the sidelines when Switzerland’s second largest bank went bankrupt in a small group over the weekend.
Rohner has some experience with crises, as he was head of UBS when it was bailed out by the state. In an interview with Blick TV, Rohner defended the takeover of CS and recalled the bailout of UBS.
Blick: Did you experience deja vu over the weekend?
Marcel Rohner: Even a series of déjà vu. There are some parallels with that era, but there are also a few differences. Above all, I sympathize with all decision makers who have to make crucial decisions with great urgency and great uncertainty. I’m glad they had the courage to find this solution and prevent damage to the financial center.
How does this work?
You focus on the task and try to hide everything else. It is about analyzing the situation as objectively and measuredly as possible, and then making a decision and following it.
Is the Bankers Association behind the takeover of CS by UBS?
In this extreme situation, the relevant decision makers chose the solution that minimized the damage to the financial center and restored confidence as quickly as possible.
A financial center where a giant rises above all – can this work?
While there are many countries that do not have major international players, others only have one. In addition to the unified USB/CS, Switzerland has many successful banks locally, nationally and internationally. The balance in the financial center is still there.
How big is the reputational damage for the financial centre?
Damage to reputation was largely avoided with this takeover. Of course, such a situation is not advantageous, questions and doubts arise. But that was exactly the purpose of this transaction, to restore security and trust as soon as possible.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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