Aymo Brunetti, head of the Too-Big-to-Fail expert group, discusses the parliamentary investigation into the collapse of Credit Suisse, attributing the failure largely to management shortcomings and excessive risk-taking. He emphasizes the need for reforms to ensure better preparedness for future crises, warning that the next time there may not be a second Swiss ‘too big to fail’ bank. Brunetti also highlights the importance of strengthening capital for foreign subsidiaries and implementing liquidity backstops.