With a lengthening string of scandals and a shaky share price that has plumbed the depths, Credit Suisse has had a torrid time of late. As the 166-year-old institution tries to gather its composure in the wake of heavy losses and $88 billion in client outflows, our cover story examines its predicament – and the plan the top brass has to turn it around. Will new-ish CEO Ulrich Körner and the bank’s freshly minted head of wealth management Francesco De Ferrari triumph in the uphill struggle that lies ahead?
In his debut piece for Spear’s, former banker and long-standing business editor of the Spectator Martin Vander Weyer, argues that CS would do well to rediscover its ‘Swiss-ness’. But that alone is unlikely to be enough…
READ THE NEW SPEAR’S COVER STORY
The fantastic cover illustration, which is inspired by the aesthetic of vintage travel posters, is by Bob Venables and Spear’s art director Andy Cowan.
Meanwhile, Joseph Bullmore takes a turn of the family office conference circuit to ask why a bombastic showman was able to fool so many people for so long. And I report back from New York’s financial district, where the banks are moving out but the metropolitan sophisticates are moving in; property developer Harry Macklowe has converted art deco skyscraper One Wall Street into one of the city’s most impressive and expansive residential developments.
And there’s much more besides, including what might just be the best Midas interview in Spear’s history (with Anne Robinson), an assessment of the private aviation industry’s efforts to mitigate its environmental impact with new technology, a trip in a reimagined all-electric reincarnation of a classic Mustang, an interview with superyacht scion Jamie Edmiston and a review of FT columnist Martin Wolf’s new book.
This issue also provides a chance to take a moment with winners of the 2022 Spear’s Awards. Strive Masiyiwa, Sanjay Hinduja, Catherine Bedford and Ajaz Ahmed were among those to repair to the Four Seasons Hotel London Ten Trinity Square, where they were photographed by Sebastian Nevols and Oscar Yoosefinejad.
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As ever, our regular contributors – including Nick Foulkes, Daisy Dunn, John Arlidge and Sam Leith – are on impeccable form. They cover everything from Swiss health retreats to the politics of ancient Rome, the Dubai property market and the commercial potential of comic strips.
I hope you enjoy the magazine.
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The uphill struggle that lies ahead for Credit Suisse
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