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Sad CS bankers should remember December 20th

Sad CS bankers should remember December 20th

The luxurious Savoy Hotel on Paradeplatz in Zurich once served as a silverware and meeting place for Credit Suisse’s management. When the doors open there shortly after the renovation, only a few things will remain the same.

On December 20, the Savoy Hotel on Zurich’s Paradeplatz will reopen, announced with a huge banner hanging over the traditional Zurich hotel. The noble hotel, renovated since 2022, will then start operating under a new name and management: The New “Mandarin Oriental Savoy” It is now operated by the Chinese hotel chain of the same name, ie I already mentioned.

Like the Swiss newspaper Rekab “20 minutes” She reported that rooms can be booked starting February 1, and prices for a one-night stay range from 800 to 12,000 francs – the latter for the presidential suite overlooking Paradeplatz Square. An “international” team of about 150 employees is responsible for providing the service. It is said that Chinese language is not mandatory for employees.

It is no longer available for sale

For grieving bankers – for Credit Suisse cadres and managers, the Savoy was both a client area and a luxurious canteen – but the good old days don’t return when the doors open. The building has been completely rebuilt. The stock of the past has been put up for auction, and now the balance of power on Paradeplatz has also changed: since last summer, CS has been merely a subsidiary of UBS.

After all, the historic hotel remains under bank ownership for now. Having been the owner of the noble inn for more than four decades, CS is now also owned by the giant new Swiss bank following the forced takeover of CS by UBS. Last fall, CS attempted to sell what was then known as the “Savoy Baur en Ville.” But the actions that had begun were overtaken by the events surrounding the big bank.