The Human Risk Podcast Duncan Mavin on Meltdown: The Collapse of Credit Suisse
Jan 12, 2025
01:01:51
How does a major global bank keep surviving crises; until it doesn't?
Episode Summary
On this episode, I’m joined by Duncan Mavin, author of Meltdown: Scandal, Sleaze, and the Collapse of Credit Suisse.
Duncan’s book dives deep into the bank’s dramatic downfall, uncovering decades of mismanagement, scandals, and cultural clashes that eventually led to its collapse.
As someone with intersecting touchpoints with Credit Suisse throughout my career, I couldn’t wait to have this conversation.
During our discussion, we explore the intricate dynamics that defined Credit Suisse’s rise and fall, from Swiss banking secrecy laws to the revolving door of executives who struggled to fix a broken culture. Duncan shares eye-opening stories, including the mind-boggling choices made by individuals who valued short-term gains over long-term survival.
This is more than just a tale of one bank’s failure—it’s a masterclass in understanding human behavior, organizational dynamics, and the systemic issues that plague the financial industry.
Whether you’re a financial services expert or a curious observer, this episode will leave you questioning how much has really changed since the financial crisis.
Guest Biography
Duncan Mavin is a financial journalist and author. Over his 20-year journalism career, Duncan has worked at renowned publications like The Wall Street Journal, where he served as Finance Editor for Europe, and Bloomberg News.
Before becoming a journalist, Duncan spent a decade as a finance professional and accountant.
His latest book delves into the story of Credit Suisse, a firm he became intimately familiar with through his reporting and his earlier book on the Greensill scandal.
Duncan’s insightful analysis and gripping storytelling bring to life the human decisions and cultural dynamics that contributed to Credit Suisse’s collapse.
AI-Generated Timestamped Summary
[00:00:00] Welcome and Duncan’s background as a financial journalist.
[00:01:00] How Duncan’s first book on Greensill led to Meltdown.
[00:02:00] Credit Suisse’s litany of scandals and its survival against the odds.
[00:06:00] Swiss banking secrecy laws and their unintended consequences.
[00:08:00] Cultural clashes between Swiss and American banking styles.
[00:15:00] The short-term thinking and CEO turnover at Credit Suisse.
[00:25:00] Archegos and Greensill—critical moments in the bank’s collapse.
[00:29:00] How social media accelerated Credit Suisse’s final downfall.
[00:35:00] The reaction in Switzerland to the collapse and the book.
[00:42:00] The ongoing legacy of Credit Suisse and lessons for banking.
[00:50:00] Reflections on regulation and the future of financial services.
Links
Meltdown - https://www.panmacmillan.com/authors/duncan-mavin/meltdown/9781035037469
Pyramid of Lies, Duncan's book on Greensill — https://www.panmacmillan.com/authors/duncan-mavin/pyramid-of-lies/9781529088922
Duncan on Twitter/X - https://x.com/dumav
The Swiss government report on the collapse of Credit Suisse: https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-103689.html
Episode Summary
On this episode, I’m joined by Duncan Mavin, author of Meltdown: Scandal, Sleaze, and the Collapse of Credit Suisse.
Duncan’s book dives deep into the bank’s dramatic downfall, uncovering decades of mismanagement, scandals, and cultural clashes that eventually led to its collapse.
As someone with intersecting touchpoints with Credit Suisse throughout my career, I couldn’t wait to have this conversation.
During our discussion, we explore the intricate dynamics that defined Credit Suisse’s rise and fall, from Swiss banking secrecy laws to the revolving door of executives who struggled to fix a broken culture. Duncan shares eye-opening stories, including the mind-boggling choices made by individuals who valued short-term gains over long-term survival.
This is more than just a tale of one bank’s failure—it’s a masterclass in understanding human behavior, organizational dynamics, and the systemic issues that plague the financial industry.
Whether you’re a financial services expert or a curious observer, this episode will leave you questioning how much has really changed since the financial crisis.
Guest Biography
Duncan Mavin is a financial journalist and author. Over his 20-year journalism career, Duncan has worked at renowned publications like The Wall Street Journal, where he served as Finance Editor for Europe, and Bloomberg News.
Before becoming a journalist, Duncan spent a decade as a finance professional and accountant.
His latest book delves into the story of Credit Suisse, a firm he became intimately familiar with through his reporting and his earlier book on the Greensill scandal.
Duncan’s insightful analysis and gripping storytelling bring to life the human decisions and cultural dynamics that contributed to Credit Suisse’s collapse.
AI-Generated Timestamped Summary
[00:00:00] Welcome and Duncan’s background as a financial journalist.
[00:01:00] How Duncan’s first book on Greensill led to Meltdown.
[00:02:00] Credit Suisse’s litany of scandals and its survival against the odds.
[00:06:00] Swiss banking secrecy laws and their unintended consequences.
[00:08:00] Cultural clashes between Swiss and American banking styles.
[00:15:00] The short-term thinking and CEO turnover at Credit Suisse.
[00:25:00] Archegos and Greensill—critical moments in the bank’s collapse.
[00:29:00] How social media accelerated Credit Suisse’s final downfall.
[00:35:00] The reaction in Switzerland to the collapse and the book.
[00:42:00] The ongoing legacy of Credit Suisse and lessons for banking.
[00:50:00] Reflections on regulation and the future of financial services.
Links
Meltdown - https://www.panmacmillan.com/authors/duncan-mavin/meltdown/9781035037469
Pyramid of Lies, Duncan's book on Greensill — https://www.panmacmillan.com/authors/duncan-mavin/pyramid-of-lies/9781529088922
Duncan on Twitter/X - https://x.com/dumav
The Swiss government report on the collapse of Credit Suisse: https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-103689.html