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WTF, how many replacement CEO does this damn bank need? They haven't changed a bit, at this point I think they need to just fire everyone.

hgomersall 5y ago
It's almost like the problem is industry wide.
- sschueller 5y ago
  It is, but that is why the previous CEO was supposed to change the culture but then turned out to be the worst example himself by violating Swiss Covid quarantine rules on multiple occasions. Now the new guy is supposed to do the same, so far it's not looking good.
guerrilla 5y ago
Well, that's the result of "bad apple" thinking rather than structural analysis.
- sschueller 5y ago
  It is structural but I guess the board thinks a good CEO can fix it when it's the board that probably needs replacing as well...
AllegedAlec 5y ago
- SyzygistSix 5y ago
  The amount of child and/or slave labor involved in the chocolate industry is incredible. I'm not sure it is a step up or not. Fortunately there are a lot of companies making excellent chocolate now with relatively fair labor.
- deleted 5y ago
  [deleted]
lordnacho 5y ago
I worked with CS, and I know people who worked there in various functions. It is the messiest, least competent, most corrupt entity I've ever worked with or known anyone to work with, ever. Just to get it right, it's not one entity, either. We were signing documents with them and it turned out they had dozens of entities, just for the little area they were servicing my hedge fund with. A total mess, huge amount of paperwork, nobody knew why you do the shares with this CS and the derivatives with the other CS. Another story is they literally cannot calculate their risk for several days after trading has happened. My friend told me this, I nearly choked on my food thinking "how can it take several hours". And then he corrected me, he actually meant days, not hours. Another story is they had a trading desk that was making a lot of money on low risk. Ideal situation. The little boss decided to throw more costs onto the desk, because apparently it can happen that another boss comes and grabs the profitable teams for himself. The big boss looks at the losses, fires the team. Year and a half later my buddy gets a call about coming back. Add to that the soap opera involving the executive suite wives, money laundering, huge losses from Archegos back to the GFC, and so on. Sounds like a parody of a bank.

hgomersall 5y ago

It's almost like the problem is industry wide.

sschueller 5y ago
It is, but that is why the previous CEO was supposed to change the culture but then turned out to be the worst example himself by violating Swiss Covid quarantine rules on multiple occasions. Now the new guy is supposed to do the same, so far it's not looking good.

guerrilla 5y ago

Well, that's the result of "bad apple" thinking rather than structural analysis.

sschueller 5y ago
It is structural but I guess the board thinks a good CEO can fix it when it's the board that probably needs replacing as well...

AllegedAlec 5y ago

SyzygistSix 5y ago
The amount of child and/or slave labor involved in the chocolate industry is incredible. I'm not sure it is a step up or not. Fortunately there are a lot of companies making excellent chocolate now with relatively fair labor.
deleted 5y ago
[deleted]

lordnacho 5y ago

I worked with CS, and I know people who worked there in various functions. It is the messiest, least competent, most corrupt entity I've ever worked with or known anyone to work with, ever. Just to get it right, it's not one entity, either. We were signing documents with them and it turned out they had dozens of entities, just for the little area they were servicing my hedge fund with. A total mess, huge amount of paperwork, nobody knew why you do the shares with this CS and the derivatives with the other CS. Another story is they literally cannot calculate their risk for several days after trading has happened. My friend told me this, I nearly choked on my food thinking "how can it take several hours". And then he corrected me, he actually meant days, not hours. Another story is they had a trading desk that was making a lot of money on low risk. Ideal situation. The little boss decided to throw more costs onto the desk, because apparently it can happen that another boss comes and grabs the profitable teams for himself. The big boss looks at the losses, fires the team. Year and a half later my buddy gets a call about coming back. Add to that the soap opera involving the executive suite wives, money laundering, huge losses from Archegos back to the GFC, and so on. Sounds like a parody of a bank.