Urs Rohner was able to explain himself in the Tages-Anzeiger magazine on Saturday. The only new thing came last. Rohner was not wanted by Human Rights Watch.
Persona non grata. The fate fell to Marcel Ospel, now also the former chairman of the Czech Republic. The Helvetic elite are ruthless.
The reason is a unique bankruptcy. It will lead to the end of Credit Suisse, which will soon be 167 years old. The bank will end up in the hands of Arab oil sheiks tomorrow.
Rohner is largely responsible for the tragedy. The commercial lawyer, who jumped from German television to head the CS group in 2004, shaped the duo for 17 years from there.
In 2009, he became president and from 2011 he sat on the throne at the Paradeplatz. The share was worth 40 francs at the time.
Yesterday it was 3.95. And the Saudis tabled only 3.82 for 10 percent CS for the title.
Espresso – at Vicafe, not Starbucks.
Rohner opened the door to Gulf oil and gas tycoons. Along with CEO Brady Dougan, he raised much-needed bailout capital in the desert country during the Great Financial Crisis of 2008.
It later emerged that Rohner and Dougan had provided money for the risky investment to the Qataris through a loan from their bank.
Rohner, the door opener. As in the case of his wife’s CS sponsorship of the Zurich Film Festival. The family deal ran under Rohner until the NZZ took over – and Rohner’s wife gilded.
In 2015, Rohner brought in Tidjane Thiam. He came from the insurance business but saw himself in top shape for CS’s strong investment banking business.
Barely at the helm, the Olympians of Wall Street showed him the master. Rohner watched: reversal of strategy, postponed.
This was followed by a plan for the listed CS Switzerland. Retrospectively, on the spot. But Rohner and Thiam quickly buried him again.
The sheikhs did not want to give up their Swiss pearl.
At the end of Rohner’s tenure, the house of cards came crashing down—in real time.
In 2019, the CS HQ was revealed to be an espionage center, and in 2021, it was the assistant to criminal “Sir” Greensill.
In the end, “Stupid” Swiss Lender got a bloody nose from doomed hedge fund Archegos.
“There is no doubt that Urs Rohner stumbled,” concludes the “Magazine” author.
Bank on land, Rohner with 50 million in the tax haven of Wollerau in a “cooperative” apartment until the villa on the Gold Coast is remodeled.
Even the long-suffering financial aristocracy of Zurich was bursting at the seams.