The Fall of Silence: Credit Suisse's Collapse and Switzerland's Secret Meetings

An inquiry into Credit Suisse's collapse highlights secret meetings and a culture of secrecy within Switzerland's government. Officials' mistrust and lack of documentation complicated efforts to save the bank, damaging Switzerland's financial reputation. The report exposes non-meetings and informal gatherings that hindered timely responses to the crisis.

Secretive meetings and entrenched mistrust among officials impaired Switzerland's response to the 2023 collapse of Credit Suisse, according to a lawmakers' inquiry released on Friday.

The report, published two years after the bank's fall, revealed a culture of secrecy that tarnished Switzerland's image as a secure financial hub and indicated that the global banking framework remains vulnerable.

The investigation shed light on Swiss government non-meetings, a practice that kept vital information undocumented and unavailable to key ministers during the crisis. These informal gatherings were led by prominent figures like former National Bank president Thomas Jordan in a bid to mitigate disaster.

(With inputs from agencies.)