3 ms·

"Credit Suisse has spent the last decade finding astonishing new ways to lose money and embarrass itself (...) It's failings have included a criminal conviction

"Credit Suisse has spent the last decade finding astonishing new ways to lose money and embarrass itself (...) It's failings have included a criminal conviction for allowing drug dealers to launder money in Bulgaria, entanglement in a Mozambique corruption case, a spying scandal involving a former employee and an executive and a massive leak of client data to the media, (...) not to mention its losses on the Archegos and Greensill scandals." Matt Levine is a treasure.

revelio 4y ago
The spying scandal didn't involve "an executive" and "a former employee", it involved the CEO and several senior executives. Tidjane Thiam resigned in 2020 over it whilst denying wrongdoing, and was CEO at the time a lot of these problems built up.
- Jenk 4y ago
  The "former employee" in that scandal (Iqbal Khan) is now at UBS.
  - revelio 4y ago
    Technically they're now all former employees who are at UBS! ;)
  - Incipient 4y ago
    Haha so you get done for spying at bank A, then your mates hire you at bank B. Wish I could be that deliberately malicious and get promoted for my efforts.
paxys 4y ago
Nothing too surprising here. Just the Swiss being Swiss.
- revelio 4y ago
  To follow up from my sibling comment, Tidjane Thiam (CEO 2015-2020) is not Swiss. He's French Ivorian.