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Switzerland has known since last Sunday: According to Federal Council Member Alain Berset (50), the Federal Council, the Swiss National Bank (SNB) and the Financial Market Authority (Finma) have been exchanging “for months” with Credit Suisse (CS). about the situation they are in.
On Wednesday, March 15, the recovery solution for CS will be launched. At that time, as the wires between Bern and Zurich are tense and special crisis meetings are planned, CS President Axel Lehmann (60) attends a panel discussion in the Saudi capital Riyadh as part of the 2023 Financial Sector Conference. . There Lehamnn bluntly says: “Government aid is no problem!” It is well regulated and has a sufficiently strong capital ratio.
YouTube video of US broadcaster CNBC’s panel discussion is circulating in banking circles, the “Aargauer Zeitung” newspaper reported. Lehmann’s internal credibility is gone. Many UBS employees also send the clip to each other.
Said a lot once
Of course, during the meeting, Lehmann was not allowed to reveal any details about the negotiations behind closed doors. Lehmann, it seems, is not trained in the art of eloquence.
A few hours after the panel discussion in Riyadh, SNB and Finma announced their support for CS. The next day, CS applied for a CHF 50 billion loan from SNB. That same evening, the federal government decided to link the CS to UBS using the emergency law. It is impossible that Lehmann was unaware of such events.
Is Lehmann still acceptable?
The statements made in the interview about the “strong capital situation” and “strong balance sheet”, where the risks have already been reduced, are not lies, but misfortune. Perhaps strength should be shown to calm the markets. However, it’s too late now. There is a debate within the bank about whether Lehmann is still available for upcoming merger talks.
Lehmann has so far not commented on the statements he made in Riyadh.
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.
