The Sunday newspaper covered a new scandal in the Never Ending drama named Credit Suisse yesterday.
Under the leadership of the then President Urs Rohner and his CEO Tidjane Thiam, CS Switzerland had pledged its most valuable asset, the domestic mortgages.
“Mostly hedges” would have had the central deposit in hand.
The construct provided for a “purpose company” called Credit Suisse Hypotheken AG in Guernsey, a channel island.
When the CS was before the demise 2 years ago, it was also about the supposedly stable daughter CS Switzerland, according to the Sunday newspaper.
The impending downgrading of the rating agencies would have meant that interest for the Swiss CS mortgages would have gone directly to the special purpose company-and no longer to the CS bankers at Paradeplatz.
The pledge was allowed Rohner and Thiam, who will continue to pour up high bonuses for itself and the other top shots and dividends for the investors from 2015.
The new chapter in the thriller shows a comprehensive failure of CS management, especially on the Swiss side.
This had to be broadly informed that CS Switzerland had given a proud part of its valuable mortgages.
In addition to Rohner, Thomas Gottstein, André Helfenstein and a manager named Serena Fioravanti are targeting.
Gottstein was CEO of CS Switzerland from 2015, Helfenstein quickly became Gottstein Zögling and then in 2020 its successor on the Swiss chief chair.
After a long career at the CS, Fioravanti had risen to the chair of the top risk boss of CS Switzerland.
It was considered the mistress of all risks in the Swiss bank subsidiary, which was recently the only really valuable “asset” in the whole network.
From the beginning of 2020, the Italian Chief Risk Officer was CS Switzerland. In this function, she was responsible for “treasury, liquidity risk and balance sheet management”.
So in her freestyle to Chief Risk Manager of the Great Dutch Bank Abn Amro last summer.
It was a brilliant comeback of the CS-Topfrau, which had once made a name for itself at Paradeplatz-Bank with “pimped” CV.
Fioravanti also made this spring in Swiss Banking to a top position. She was elected to the Migros Bank board of directors, a leading domestic mortgage financier.
While Gottstein is hardly under question for a major role in the Swiss banking business and Helfenstein does not come into the VR of the new Baloise Helvetia giant as hoped for, the Roman woman rises.
This is despite the fact that it had to have been in the picture for the risks of the mortgage attachment within CS Switzerland.
She should have made precautions for how the independent survival of CS Switzerland in the event of a “bank run” with horrendous liquidity skills would have to be ensured.
The article of the Sonntagszeitung, based on the “duplic” by CS buyer UBS, is now showing that even the CS Switzerland was faced with the end of a civil dispute at the Zurich Commercial Court.
She had ceded too many security-to finance bonuses, dividends and even share capital repayments.
Instead of having to give accounting for this, Fioravanti continues to climb the career ladder-with the help of their sponsors, especially Migros-Bank President Bernard Kobler.
