As Credit Suisse Collapses, It Markets Its Good Deeds

Credit Suisse (NYSE: CS) is collapsing around the heads of its management. No one could tell that by going to the bank’s USA website. The most prominent message:

Under the guidance of EVP Laurent Freixe, Nestlé has managed to make the most of our love of coffee, and the state of the art machines that make it.

Nestlé must be a Credit Suisse client.

Or:

Until now. Thanks to a family-owned Italian company called Maccaferri and a feat of environmental engineering called Modulo Sperimentale Ellectromeccanico (MOSE), Venice is no longer at the mercy of the sea.

Financed by Credit Suisse, a noble effort, just as the bank announces that, in the third quarter, net profit sank 63% to 254 million Swiss francs ($273 million), down from 683 million francs a year earlier.

Also on the USA homepage of Credit Suisse there is a note about how the financial firm has helped watch company Bucherer:

And maybe it’s no surprise that at the heart of this successful Swiss brand is another with its roots in Switzerland. For almost as long as Bucherer has existed, it’s Credit Suisse that’s been keeping the company ticking over.

Good news for workers at Credit Suisse who will lose their jobs soon. “Clearly such cost savings can’t be done without layoffs, but we aren’t giving a target because other measures also contribute to reducing costs,” Chief Financial Officer David Mathers said as the firm announced earnings.

Credit Suisse is one of the worst-run banks in the world, based on its performance over the past two years, but “The Frescobaldi Family’s Wines Have Flourished on Tuscan Soil for 700 Years,” and “Credit Suisse continues to help the company’s expansion take root.”

Credit Suisse shares are down 45% over the past two years, but it has plenty of money for meaningless advertising that can be reviewed by fired employees.

And, by the way, Credit Suisse also highlights the opinions of Matthew VanBesien of the New York Philharmonic. Must be the bank supports that institution, too

Note to Credit Suisse CEO Brady W. Dougan. Wise up.

Douglas A. McIntyre