The Swiss bank is in the unusual position of apologizing for a racially insensitive episode during a lavish private party hosted by its outgoing chairman, Urs Rohner.
Credit Suisse is ensnared in another kerfuffle stemming from a private event hosted by a top executive: Chairman Urs Rohner's 60th birthday party last year included several show acts with racial tropes, the «New York Times» reported on Monday in a widely-read piece of CEO Tidjane Thiam's four-year tenure at the helm of the Swiss bank.
The episode lays bare how the clash of culture and race – Thiam, a French-Ivorian executive who is black and spent the majority of his career in the U.K. and Côte d'Ivoire and Rohner, who is Swiss, whit,e and spent the bulk of his career as a trial lawyer in Switzerland – played out during the CEO's tenure. The conduct at Rohner's party sits uncomfortably with Credit Suisse's efforts to portray itself as a diverse, inclusive employer.
U.K. Criticism
Thiam, who has not spoken publicly but likely aided the Gray Lady's reporting, was ousted in February following a spy scandal, and Rohner is also due to leave, in April. The U.S. outlet's piece drew criticism from U.K. Labour lawmaker Rushanara Ali, who told «The Guardian» she was «shocked and appalled,» and called on all institutions including banks to pull their weight in stamping out racism.
The controversy forced Credit Suisse into an apology on behalf of Rohner: «This is a total mischaracterization of the evening. There was never any intention to cause offense, and we are sorry for any offense caused,» a bank spokesman told the U.K.-based outlet. The wealth manager said it is a staunch supporter of equality, diversity, and supporting all its employees.
Scarce Diversity
The party episode also highlights differing cultural views of racism and bias: tropes like the ones reportedly deployed during the party are considered a garden variety of racism in the U.S, but frequently dismissed as harmless fun in Switzerland. A majority of Swiss view blacks as disadvantaged in the workplace as well as in housing, according to the most recent government data, from 2017.
The U.K. outlet reported that Rohner wasn't involved in organizing the fete, which took place at a Zurich restaurant and included several show acts. People of color – or women – are rare in Switzerland's C-suite, and often limited to niches: Unigestion's Fiona Frick has been CEO for nearly ten years, while other female CEOs include Magdalena Martullo-Blocher of Ems Chemie, Jeannette Pilloud at Ascom, and Suzanne Thoma of power company BKW.
