The Credit Suisse (CS) failure in March 2023 was the first time that the crisis management and resolution framework put in place after the global financial crisis (GFC) was faced with a serious test. Long-standing problems with management, organisation and culture had led to a gradual erosion of confidence and eventually depositor flight. Despite advance planning for resolution in close cooperation with their foreign counterparts, the Swiss authorities chose not to execute their resolution plan for CS. Instead, the Swiss government issued emergency regulations to facilitate a takeover of Credit Suisse by UBS. The approach that was chosen departed from the pre-ordained one, but it addressed the bank’s failure in a manner that maintained financial stability and prevented contagion. The episode taught important lessons about the implementation of international resolution standards.