Credit Suisse collapse likely to tarnish Switzerland’s reputation as a safe place to invest
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The shocking demise of Credit Suisse may well sully Switzerland’s banking reputation for years, possibly decades, to come. Earlier this week, Swiss President Alain Berset went so far as to say that an “uncontrolled collapse” of one of the country’s biggest and oldest banks would lead to “incalculable consequences” for the country and the international financial system.
As the shockwaves of UBS’ takeover continue to ripple through the industry, there are fears that deposits worth hundreds billions of dollars may be withdrawn after the US$3 billion acquisition is complete.
Last year, Credit Suisse customers withdrew 123 billion Swiss francs (S$177 billion), with the lion’s share during the fourth quarter.
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