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Mar 20, 2023
Credit Suisse’s Demise Spurs Protests in Zurich Financial Center
(Bloomberg) -- About 200 protesters gathered outside Credit Suisse Group AG’s headquarters in Zurich this evening following the bank’s collapse.
The demonstrators, chanting “revolution” and “eat the rich,” threw eggs at the building in Paradeplatz, the heart of the city’s financial district. Police officers looked on as the protesters made speeches against the power of Switzerland’s financial sector.
The protests come as Credit Suisse is taken over by larger domestic rival UBS Group AG, after government-brokered talks that followed years of corporate scandals, infighting and misplaced investments. Credit Suisse and UBS together wield 1.6 trillion francs ($1.7 trillion) of assets, roughly double the size of Switzerland’s economy.
Credit Suisse’s demise looks set to spill over into the political arena, just months before national elections that are due in October. The Social Democrats have called for setting up a parliamentary commission to look into the government-orchestrated rescue of Credit Suisse.
--With assistance from Kenneth Hughes.
©2023 Bloomberg L.P.
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