As investment giant Credit Suisse reels under the financial crisis following which long-time rival UBS decided to buy the troubled bank, a social media post is doing the rounds showing the top management of Credit Suisse at a racing event in the Swiss Alps last month.
Credit Suisse chairman Axel P Lehmann, Chief Financial Officer Dixit Joshi and other top executives, Andre Helfenstein, Felix Baumgartner, Roger Weibel, were among those at White Turf, an annual international horse-racing event in the resort town of St. Moritz in Switzerand. Credit Suisse has been sponsoring White Turf since 1976.
In a LinkedIn post in February, Daniel Imhof, Global Head Investment Management at Credit Suisse, described attending the event as an “unforgettable experience”.
“The most glorious winter weather with sunshine and blue skies in the snow-covered alpine landscape provided for an unforgettable experience,” he wrote, tagging the top bosses of the company.
“We had the pleasure to host many clients in our Credit Suisse tent with Francesco De Ferrari being the host this weekend.”
The luxury event has been taking place on the frozen lake against the stunning backdrop of the mountains of St Moritz since 1907.
“I thought Credit Suisse is struggling to stay in the game, with share price dropping and credit spreads soaring? But the senior bankers seem to enjoy the good life,” a Twitter user commented.
Credit Suisse is among the 30 financial institutions known as globally systemically important banks.
The UBS deal was “one of great breadth for the stability of international finance," said Swiss President Alain Berset as he announced the buyout.
"An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system.”
Credit Suisse top boss Axel Lehmann called the sale “a clear turning point”.
“It is a historic, sad and very challenging day for Credit Suisse, for Switzerland and for the global financial markets,” Lehmann said, adding that the focus is now on the future and in particular on the 50,000 Credit Suisse employees, 17,000 of whom are in Switzerland.
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