A Swiss Requiem

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On April 4, 1991, the last world-renowned Swiss writer, Max Frisch, died. The name of a game to which he feels particularly connected is “Graf Öderland”. It’s about the murder of a cashier for no plausible reason, an employee of the “Bank Union”. It is fresh about morality, about freedom and power, about questions that are still relevant today.

On April 4, 2023, Frisch’s 32nd death anniversary, Switzerland buried Credit Suisse. CS died because of premium horny bankers? Was he killing at the request of a foreign country? Or is it a medical scandal with misdiagnosis and wrong treatment? The exact cause of death has not yet been resolved by politicians.

Crises awaken dormant religious feelings. On March 19, Joseph’s Day, the Federal Council announced the end of CS. Since then, it has been in power in a triumvirate made up of Swiss Finance Minister Karin Keller-Sutter (59), National Bank President Thomas Jordan (60), and Finma President Marlene Amstad (54).

Jesus in the General Assembly

Finally, during Holy Week, the CS lament: a pious right-wing politician speaks at the plenary at the Hallenstadion in Zurich. “The cross reminds us of the life, sufferings and death of Jesus Christ,” says EDU man Daniel Engler (48) of Sevelen SG. Those in charge of CS should be crucified: “Perhaps at some point they will be able to answer the question themselves: How much is enough?”

With the abdication, questions arise: Who is there, who is missing? Is the obituary appropriate? It comes from the heart but isn’t it very honest?

Requiem’s ​​bogeyman is Urs Rohner (63), who was Chairman of Credit Suisse’s Board of Directors for ten years. Senior Vice President, Hochdorf LU, politician Hugo Bühler (64), considers the board to consist of Rohner and “eleven altar boys and girls”.

Bühler presents itself as “still a CS employee” at the shareholders’ table. He worked at Credit Suisse for 43 years. He openly criticizes Iris Bohnet (57). The Swiss professor at Harvard is the longest-serving member of the CS Board, old and new. The Senior President says to his direction: “Take responsibility for what you did or didn’t do.”

The day after Requiem, Hugo Bühler says many of his colleagues were excited by his performance. They would thank him for his courage.

Iris Bohnet has amassed millions in single digits over the past decade. He did not want to comment on the criticism of the CS employee compared to SonntagsBlick.

Historically, Credit Suisse at the Zurich Paradeplatz is a reformed bank. But funeral rites had Catholic features: Funeral speeches were mostly given by men.

bad climate policy

One of the few women to speak is British activist Kelly Shields (30). She speaks for Share Action, an organization that promotes sustainable finance, she. Share Action accuses CS and UBS of having the worst climate policy in the European banking industry.

People sometimes show up in abdication that triggers moments of foreign embarrassment. For example, the CS shareholder who revealed in an interview with SonntagsBlick that he is a UBS employee. He complains of the greed of two former CEOs: “Dougan and African.” It refers to the American Brady Dougan (63), who was president of CS from 2007 to 2015. And Tidjane Thiam (60), the former Ivorian-French CEO, who held the post from 2015 to 2020.

A man asks about the USA and the role of George Soros in Hallenstadion. The New York investor has repeatedly had to serve as a scapegoat. Whether in Hungary, where the Holocaust survivor was born, or in Zurich.

An obituary is always a struggle for the dominance of interpretation. Sometimes historical misrepresentation begins in the Requiem. In the end, “only the option of settlement or bankruptcy” remains, says Chairman Axel Lehmann (64). It does not mention a third option, nationalization.

To believe

Axel Lehmann’s speech contains religiously colored words. It talks about believing in a successful comeback. Instead, there is now “mourning the end of a bank”. His speech also includes a confession of guilt. Not a “gross flaw”, but an apology for two points: “that we can no longer stop the loss of confidence accumulated over the years”. And: “we let you all down”.

Top bankers’ admissions of guilt are approved by lawyers. Because when it comes to claims for compensation, the dissenters pull out their entire sin book. Later, while having an aperitif, an old woman says she doesn’t have the lovely Herr Lehmann. The problem was before.

Just one day after the CS Requiem, the UBS General Assembly in Basel is practicing the resurrection. The fiery-red floral decorations on the Jakobshalle’s podium are reminiscent of a modern Easter bonfire. UBS Chairman Colm Kelleher (65) is openly clasping his hands several times.

Hope

Death, resurrection – is this also possible with banks? Catholic theologian and management consultant Tobias Heisig (55) is skeptical of the Sunday view: Easter means embarking on “total change.” “The new thing is very different from what we thought.”

Zwingli’s successor, reformed Grossmünster pastor Christoph Sigrist (60), agrees with Heisig: “Credit Suisse’s dogma of a secure value has been broken. We need a radical new beginning.”

Outgoing UBS boss Ralph Hamers, 57, highlights the change he initiated. He does not see himself as a climate criminal, but presents himself as a climate protector. “Think of glaciers melting faster and faster,” he urges shareholders.

However, the new prophet of UBS came a long time ago. It’s unclear on Easter morning what Sergio Ermotti plans to do with CS. He still has to prove whether he has what it takes to become a Swiss messiah.

In any case, there is enough material for Max Frisch’s students. The wine flowing during the CS Requiem could have inspired: “Mythos”.

Source :Blick