A very Swiss identity crisis

The country’s sense of self as a haven for the world’s money and a beacon of neutrality is being shaken

The folding of Credit Suisse into its bigger rival UBS shocked many around the world and raised questions about the stability the Swiss system sells itself on. PHOTO: REUTERS
New: Gift this subscriber-only story to your friends and family

“No one becomes a murderer more easily than a fatherland,” wrote Friedrich Durrenmatt, Switzerland’s national playwright.

Earlier in March, the country killed one of its own. At a hastily convened press conference in the capital Bern on a Sunday evening, the government and regulators announced Credit Suisse’s 167-year run as one of the pillars of Swiss society was over. The huge bank, the locomotive of Switzerland’s industrial miracle, weakened by years of scandal, was to be folded into its bigger rival UBS.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.