Game Over: The Fall of Credit Suisse

Although the collapse of the once powerful Swiss bank Credit Suisse took the whole world by surprise, the bank's foundations were built on a culture of greed. The incredible ‘Chiasso scandal’ of 1977 was the starting point for this culture. It brought the founder of modern Credit Suisse, Rainer Gut, to power – and paved the way for the bank's downfall at an early stage.

From the 1990s onwards, Credit Suisse succumbed to megalomania. Despite fines, losses and the global financial crisis, bonuses amounting to billions were handed out. With overconfidence and an aggressive expansion policy, Credit Suisse inflated itself into an investment bank – and imported the American investment banking culture. Even deals with criminals and dictators were permitted as long as they resulted in bonuses – as in the case of Georgian autocrat Ivanishvili.

Credit Suisse's megalomania inevitably led to self-destruction. Employees were betrayed and persecuted when they opposed the managers' greed for bonuses – as in the case of Credit Suisse's Spygate scandal or the tax dispute with the United States. With CEOs and board chairmen who were not experts in the field, the bank headed straight for disaster until UBS had to come to the rescue. But did it really have to come to this?

Credit Suisse no longer exists. UBS benefited from the takeover and continues to pay out millions in bonuses to individuals. While Switzerland must brace itself for lawsuits worth billions from abroad, Mozambique lies in ruins because of the irresponsible actions of a few Credit Suisse bankers. What lessons can the world learn from this scandal?