As Credit Suisse Collapses, It Markets Its Good Deeds

By Douglas A. McIntyre Updated Oct 25, 9:46AM EDT · Published Oct 25, 8:38AM EDT

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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

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.