Article - Credit Suisse goes down
CREDIT SUISSE GOES DOWN Turmoil in the Financial Markets — and Switzerland’s Reputation at Risk
When the Story Got Away
Credit Suisse didn’t just fall — it imploded.
CHF 16.3 billion in AT1 bonds were wiped out overnight, while shareholders — lower in the capital stack — still walked away with compensation. Beyond the legal questions, another challenge needed to be tackled:
Shape the public narrative? Win the battle for perception, legitimacy, and trust. When Swiss regulators triggered emergency powers, their goals were clear:
Shape the public narrative? Win the battle for perception, legitimacy, and trust. When Swiss regulators triggered emergency powers, their goals were clear:
- Reassure markets that UBS was stable and credible
- Protect Switzerland’s reputation as a safe and rules-based financial centre
When Silence Is a Liability: The Missed Communications Strategy
In Switzerland, discretion is a virtue. But in a crisis of this magnitude, silence doesn’t protect — it concedes. A more aggressive communication strategy would have:
- Positioned bondholders as victims of regulatory overreach — pensioners, insurers, institutional investors blindsided by emergency discretion
- Framed the deal not just as a rescue, but a reputational gamble — undermining Switzerland’s own long-term credibility in the eyes of global capital
- Activated pressure points — through targeted engagement with Swiss and international media, professional networks, and political stakeholders
“Reputation isn't an accessory in litigation — it's a pressure tool.”
The Online Battlefield: Where Influence Begins
In today’s media ecosystem, public opinion forms online — in real time. Yet during the Credit Suisse collapse, the digital space was largely silent. No consistent message. No public-facing explanations. No counter-narrative. Imagine a different digital strategy:
- Built a dominant online knowledge base — optimized for search, designed to inform, and framed to influence
- Deconstructed the official narrative in real time — using timelines, explainers, and facts to raise questions
- Activated digital advocacy — reaching not just investors, but Swiss voters, policymakers, and stakeholders
“Today, the online battlefield decides how your case is framed — and whether it gains support.”
Inside the Strategy: What Intelligence Could Still Deliver
There was no long negotiation. The AT1 decision came fast — from the top down.
But that doesn’t mean there’s nothing left to uncover. In fact, the opacity makes intelligence even more essential.
What a smart intelligence strategy could still surface:
- Internal legal assessments — showing whether officials debated or doubted the wipeout’s legality
- Diplomatic signals — communications with EU regulators or the ECB hinting at pre-coordination or pressure
- Private guarantees to UBS — disclosures or political commitments that changed the deal dynamics
- Narrative inconsistencies — discrepancies between public messaging and internal risk assessments
- Relevant backgrounds — affiliations or conflicts among those involved in the wipeout
“In opaque decisions, intelligence isn’t optional — it’s how you restore visibility and apply pressure.”
Beyond the Courtroom: Building the Next Generation of Litigation Strategy
This wasn’t just a financial rescue. It was a reputational stress test — and bondholders missed the moment to shape how the story was told. To shift outcomes — not just file claims — litigators and their partners must operate on every front:
- Command the public narrative — because perception creates leverage
- Control the digital terrain — because visibility drives legitimacy
- Deploy intelligence strategically — because clarity challenges power
“A strong legal case needs more than law — it needs clarity, presence, and pressure.”
When the next financial crisis comes — and it will — the winners won’t just be the best lawyers. They’ll be the ones who understood that litigation is no longer fought in court alone.