scorecardresearchCredit Suisse Is at ‘Critical Moment’ as Bank Prepares for Latest Overhaul,

Credit Suisse Is at ‘Critical Moment’ as Bank Prepares for Latest Overhaul, CEO Says

Updated: 02 Oct 2022, 09:52 AM IST
TL;DR.

Credit Suisse Group AG’s Chief Executive Officer Ulrich Koerner said the bank is at a “critical moment” as it prepares for its latest overhaul, while stressing the bank’s strength.

FILE PHOTO: Credit Suisse's new CEO Ulrich Koerner is seen in an undated handout photo provided to Reuters, July 27, 2022. Credit Suisse/Handout via REUTERS   THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY./File Photo

FILE PHOTO: Credit Suisse's new CEO Ulrich Koerner is seen in an undated handout photo provided to Reuters, July 27, 2022. Credit Suisse/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY./File Photo

(Bloomberg) -- Credit Suisse Group AG’s Chief Executive Officer Ulrich Koerner said the bank is at a “critical moment” as it prepares for its latest overhaul, while stressing the bank’s strength.

In the second carefully-worded memo sent to reassure staff in as many weeks, Koerner told employees not to confuse the “day-to-day” stock price performance with the Swiss firm’s “strong capital base and liquidity position.” The shares are hovering near a record low.

Credit Suisse is in the throes of what is expected to be a major restructuring of the investment bank as Koerner seeks to return the lender to profitability and put an end to a string of scandals. 

While conceding that there is a lot of uncertainty and speculation both within and outside the bank, the CEO said he will be sending a regular update to staff until the results of its strategic review on Oct. 27, according to the memo, seen by Bloomberg and confirmed by a Credit Suisse spokesperson. 

Koerner asked staff to remain disciplined and close to clients despite all the media attention the bank is receiving. 

First Published: 02 Oct 2022, 09:52 AM IST