Market: The Swiss central bank encourages Credit Suisse to succeed in its reorganization

ZURICH (Reuters) – Credit Suisse must complete its audit and end a string of negative headlines, the president of the Swiss National Bank, the SNB, said on Saturday.

In October, Credit Suisse announced a plan to raise new money, reduce its workforce and focus even more on its wealth management business, while reducing volatile investment banking business after a series of losses and dysfunctions in risk management.

The bank said in December that the turnaround was on track after completing a capital increase of 4 billion Swiss francs.

“It is clear that such a reorganization of the bank, the restructuring of the business model, is not something that can be done overnight. It takes time, it is a big challenge for the management and the Credit Suisse employees,” says Thomas Jordan. in an interview with the Swiss TV channel SRF.

He reiterated that the successful capital increase was an “important step” in the bank’s restructuring, which reduced risks and was positive for the stability of the Swiss financial sector.

(Reporting by Michael Shields, French version by Matthieu Protard)

Copyright © 2022 Thomson Reuters

Leave a Comment