A fascinating account of the collapse of Credit Suisse, written by an experienced (ex-Bloomberg, Washington Post) journalist. The narrative is interesting both from a Swiss perspective and having worked at the organisation. Many of the characters in the book are known to me, either directly (David Mathers – who does not receive a positive treatment) or indirectly (John Mack, Frank Quattrone, Alan Wheat, etc.). The narrative pace picks up as the book evolves, and the picture Mavin points suggests an unfortunate inevitability about the bank's decline. A combination of hubris, pride, internal politics and kicking the can down the road all provide the context for Credit Suisse's failure. What is all the more surprising is how Credit Suisse fared better than UBS during the Great Financial Crisis, yet less than fifteen years later was swallowed by its rival. Even when I worked there (2000 to 2004), the tensions between the bank's Swiss and U.S. arms were clear. Switzerland does not come out of Mavin's work well. The country's leaders and senior industry executives are shown as insular, bigoted and often racist, putting the personal ahead of the bigger picture. Links with Nazi gold and an emphasis on banking secrecy do not help either. Fascinating, albeit for a specialist audience. N/R.
By Duncan Mavin