![]() In the event, it seemed … quite good? In a “statement on market uncertainty”, the central bank said that as far as it was concerned, “Credit Suisse meets the capital and liquidity requirements imposed on systemically important banks” and that “If necessary, the SNB will provide CS with liquidity”. That’s usually either very bad news or very good news. After reported stories that wholesale counterparties were beginning to reject CS on the other side of some transactions, news hit the wires that the Swiss National Bank was going to make a statement. But later in the evening, there might have been some light at the end of the tunnel. In any case, nobody was having a nice day. ![]() For what it’s worth, people we’ve spoken to say the atmosphere was more one of complete numbness – “like a frog dropped into water that is slowly warmed up … no one is upset or shocked by anything anymore”, and that sounds more realistic. It takes much less to make them exaggerate for dramatic or comic effect. It takes a lot to make them panic and cry in the office. There were also stories of deposit outflows, and some (more) senior bankers left, but if Credit Suisse employees were going to shed tears over that, they would surely be dead of dehydration by now.īankers are not particularly emotional people they usually have quite a lot of work to take their minds off things. Or did it? Nobody else picked up this story, there’s no identified source, and although the Credit Suisse share price had an extremely bad day ( falling 24% after a core shareholder ruled out buying any more shares) people don’t usually burst into tears over that, no matter how far underwater their stock options may be. According to veteran US financial reporter Charlie Gasparino, it all got a bit too much for some people at Credit Suisse:īreaking from a employee: “panic, meltdowns, people crying.” You don’t often hear Lenin quoted on a trading floor, but bankers might be able to identify with the sentiment this week. ![]() ![]() As Vladimir Ilyich Lenin once said, “there are decades when nothing happens, and then there are weeks when decades happen”.
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