It’s been a week since the end of the CS the dominant topic in this country and on the financial markets worldwide. Criticism can be heard again and again when it comes to crisis communication: it is said to be too lax, too non-transparent, too vague.
Bettina Zimmerman, an expert in crisis management and crisis communication, assesses who has mastered communicating best in a crisis – and who has failed.
The finance minister: Karin Keller-Sutter masters crisis communication well. She answers questions and is present, says Zimmermann: She has only been finance minister since January and had to take on an extremely complex and very demanding issue with the troubled Credit Suisse right from the start.
I think Karin Keller-Sutter did it very confidently, very factually.
“I think she did it very confidently, very factually.” She explained the difficult financial issues and expressed regret at what this demise of CS means for the Swiss financial marketplace and globally. “And I think she did a lot right in crisis communication.”
Legend:
A picture for the history books: Media conference by Finance Minister Karin Keller-Sutter with Federal President Alain Berset, SNB President Thomas Jordan, Colm Kalleher from UBS and CS-VR President Axel Lehmann. (Berne, March 19, 2023)
Keystone/Peter Klaunzer
The Swiss National Bank: Zimmermann believes that the SNB, with President Thomas Jordan leading the way, has so far fulfilled its role well in terms of communication. “I think Mr. Jordan was also very factual, very fact-oriented, but also presented with the necessary concern.” He also explained financially difficult elements.
The Financial Market Authority: The expert says that there are question marks in the communication of Finma, which left many questions unanswered at the beginning.
Credit Suisse: CS makes a particularly bad case in crisis communication. Previously Chairman of the Board of Directors Axel Lehmann. Zimmermann: “For years I’ve missed the whole communication of CS – it’s not just since now that the problems are having – that trustworthy crisis communication, reputation building is initiated.”
I wished for a little more self-criticism and maybe a little more humility from CS at the media conference.
And at the media conference last Sunday, she also wished for a little more self-criticism and maybe a little more humility. After the media conference, CS hardly commented.
Now it is UBS that has to restore stability – also with the right crisis communication.