Dougan undermined by underwhelming Credit Suisse

But things seem to be going wrong at Switzerland’s other bank, Credit Suisse. This is odd because Credit Suisse was one of the winners of the financial crisis. It emerged with a strong balance sheet and a client-focused business model.

The ink was hardly dry on the press coverage concerning UBS’s restructuring when its Swiss rival rushed in, arms flailing, with its own reorganization. Instead of giving investors what they wanted – a slimmed-down investment bank – Credit Suisse offered up a complex hotchpotch that brings the phrase “dog’s breakfast” to mind.