The Enduring Impact of a Chairman: Unraveling Credit Suisse’s Downfall through its Culture

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Updated Nov. 25, 2023 12:01 am ET

When Credit Suisse’s board met to approve the bank’s forced sale to UBS in March, paintings of every bank chairman since 1856 lined the boardroom.

A lawyer from Zurich, Urs Rohner, was the last to get a portrait. Chairman between 2011 and 2021, he wasn’t there in person that day. But his tenure loomed over the proceedings. He had helped turn one of Switzerland’s most solid institutions into a tinderbox.

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