The End of Isolation

Abstract

Virtually no day has gone by during the past few weeks without some venerable Swiss financial or industrial institution shocking the usually self-confident some would say smug business establishments along the banks of Lake Leman and the Limmat with announcements of top management sackings, boardroom battles, profit warnings and even bankruptcies. Only this week, SAirGroup, the parent of Swissair, reported the biggest net loss in the airline's history of Fr2.7bn ($1.6bn) in 2000. The shares fell 21 per cent on Tuesday. The airline group also replaced its board and appointed a new chairman.