As the FT reports above, Credit Suisse is planning to rename something it calls Xmtch.
The Swiss bank has decided Xmtch is simply not cutting it in the arcane world of ETFs (exchange traded funds). “The rebrand”, the FT astutely observes, “seems to point to an admission that the business needs help.”
News of the planned name change, that will make it “very clear” the ETF business is part of the Credit Suisse stable, comes after the bank announced it had recruited ETF heavyweight Dan Draper from somewhere called Lyxor to shake-up the business.
While I am sure Dan Draper from Lyxor knows a lot about ETFs, Credit Suisse would have done far better to bring in Don Draper from Sterling Cooper. Don could have saved the bank a substantial part of the fortune it is no doubt paying Dan by giving it a few pieces of advice about names along the following lines:
“First, if you don’t know how to pronounce something, it does not even qualify as a name. How am I supposed to say Xmtch?
Second, a name should give you a clue as to what the product is. What is Xmtch? Does anybody out there know? Is it really any wonder your ETF business isn’t doing so well?
Third, if you want to connect the ETF business to the Credit Suisse name, how about something like, um, ‘Credit Suisse ETFs’?
OK, you can send Dan back to Planet Lyxor now. My invoice is in the mail.”