“We are restructuring Credit Suisse for the long term, for a sustainable future – with significant potential for value creation,” hammered the new CEO, Ulrich Körner.
Credit Suisse, plagued by many difficulties, is in the process of carrying out a major overhaul of its activities, its boss Ulrich Körner said on Friday. The bank, which is due to unveil its new strategy on October 27, is the target of numerous rumors causing its market capitalization to plunge.
“We are restructuring Credit Suisse for the long term, for a sustainable future – with significant potential for value creation”, hammered the new general manager in an internal document for the attention of its employees, consulted by the AWP agency.
The leader, who repeated that the details of the transformation of the bank with two veils will be revealed on October 27, also stressed that the group was “at a critical moment”. The establishment is nevertheless “on track” with its transformation project and still benefits from a level of equity and “solid” liquidity.
On Monday, Credit Suisse assured that the board of directors and senior management were considering “alternatives that go beyond the conclusions of last year’s strategic review”. The bank is currently implementing “a number of strategic initiatives, including potential divestments and asset sales.”
This Friday, the action Credit Suisse ended the session on a significant rebound of 3.9% to 3.98 francs, climbing the slope following falling Wednesday in session to a historic low at 3.666 francs. Since the start of the year, registered shares have fallen by around 58%.
