The former diplomat believes the Swiss system is not designed for crises.
(Photo: wikipedia)
Zurich Mr. Borer, you worked for Credit Suisse in the 1980s, but in the past you also advised clients who took legal action against the institute. Did you foresee this end of the bank?
It wasn’t a surprise to me. As a crisis manager, I know that according to Murphy’s Law, anything that can go wrong will go wrong. The leadership around Tidjane Thiam and Urs Rohner made serious mistakes. The investment bank was like a millstone around the neck, culture and risk management were Wild West. The successors didn’t turn things around in time. I especially feel sorry for the thousands of employees who have always done a good job.
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