Credit Suisse should decide who should be the bank's main spokesman. Look at the share price and you will see that the market is suggesting that the worst may be over. However, total credibility hasn't been restored just because the hedge funds have decided that Credit Suisse stock is no longer one of their preferred short sales. What is required is a leader in the same mould as Charlemagne or George Washington to convince the financial world that all is well.

The obvious choices are the co-chief executives, Oswald Grübel and John Mack. After all, they run the day-to-day business. It is certainly not Walter Kielholz, of whom many Euromarketeers will have never heard. Yes, he's chairman of Credit Suisse but, if you are familiar with the political labyrinth of senior Swiss management, you will know that Kielholz, however worthy and with more experience in insurance than banking, is a figurehead (I didn't say puppet) of Rainer Gut, honorary Credit Suisse chairman. Kielholz doesn't call the shots at Credit Suisse and, if you listen to the Zurich grapevine, neither does Gut, whose reputation has been undermined by the dismal performance of the Credit Suisse Group over the past three years.