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Written with AI assistance•March 27, 2025•
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Generated IllustrationDirector of 'Game Over - The Collapse of Credit Suisse' reveals facing pressure not to make the film, highlighting tensions surrounding the bank's demise.
"Clearly, sometimes in a very direct way"
"The bank lost so much money there in 20 years that it was one of the reasons for its demise"
Simon Helbling, the 39-year-old director of 'Game Over - The Collapse of Credit Suisse', has revealed facing significant pressure during the production of his documentary. In a recent interview with Le Temps, Helbling acknowledged experiencing direct attempts to discourage the film's creation. Despite these challenges, the director emphasized the crucial importance of documenting this pivotal moment in Swiss financial history, stating that it was essential for Switzerland to address and examine these events.
The documentary takes a comprehensive approach to Credit Suisse's downfall, beginning with the 1977 Credito Svizzero scandal in Chiasso. It chronicles the significant transformation under Rainer Gut's leadership and the bank's ambitious expansion into the US market. This expansion would later prove problematic, contributing significantly to the bank's eventual collapse. The film provides a thorough examination of the events leading to the 2023 UBS takeover, supported by extensive state guarantees.
Arthur Rutishauser, editor-in-chief of SonntagsZeitung and the film's scriptwriter, provides critical insights into the bank's decline. He points to the US operations' consistent losses over two decades as a major factor in the bank's demise. Rutishauser suggests that opportunities for salvation existed, particularly around 2015-2016 during Tidjane Thiam's arrival, but the bank's strategy of maintaining all divisions while taking greater risks proved ultimately fatal.
The documentary represents a significant moment in Swiss cultural and financial history, addressing the collapse of one of the nation's most prestigious institutions. The film's creation, despite external pressure, demonstrates Switzerland's commitment to transparency and self-examination. The documentary's premiere in Ticino and subsequent nationwide release underscores its importance as a historical record and a tool for national reflection on the banking sector's future.