A reminder that Credit Suisse was doomed to fail since Obama (in 2102) wanted to know a list of all the Americans that banked their money there, because of muh wealthy tax-dodgers.

This caused a global loss of confidence, due to the loss of privacy of wealthy customers, that the Swiss had always enjoyed. Also the bank then stopped taking American customers. So, less deposits on two counts.

Of course then, Switzerland broke their neutrality recently, and sent stuff to Ukraine. Neutrality was always another underpinning to their banking prowess, because anyone could bank there.

Then, the EU was mucking around in '22, illegally confiscating Russian assets. So any rich person in the Global South, is now looking to put their money elsewhere. Switzerland and in a wider sense, any EU bank, is asshoe. If Brussels can just take the money of people they don't like, then maybe money is better invested elsewhere.

The collapse, as mapped out, seems logical IMO.