Zurich (awp) – Credit Suisse management has issued an internal memo in an attempt to reassure its employees, after a turbulent week marked by various speculations about the future of the two-veiled bank and a fall in the stock to a plus. historical low close to 4 Swiss francs. Managing Director Ulrich Körner and Chairman of the Board Axel Lehmann signed the memo which confirms the agenda for the in-depth review of the group’s strategy.
The speculation echoed in the media has “understandably” prompted questions from customers and colleagues, who want to know the future direction of the bank, admitted the management of the institute in this memo whose AWP has got copy. “We are aware that this period of great uncertainty for the entire company is an additional burden for employees.
Information at the end of October
The bank has set an ambitious agenda and has made it clear that all options will be thoroughly and carefully considered. Credit Suisse announced this strategic review last July and indicated that it would announce the results on October 27, during the presentation of the results for the 3rd quarter. Before that, it would be premature to talk about the results of this examination, the bank has repeatedly repeated lately.
According to the memo, the priority remains to offer first-class services to customers and, for this purpose, to restore the reputation and the financial capacities of the bank.
During the past week, numerous press articles have caused great uncertainty in the market. There has been speculation in particular about a dismemberment of the investment bank, the restoration of the name First Boston for the investment bank or even an exit from the investment bank in the United States. This last hypothesis was denied by the bank.
Speculation about a possible multi-billion capital increase has further increased the pressure.
Thursday afternoon, Reuters had indeed indicated that the number two Swiss bank, which recurring difficulties have led to undertake a vast reorganization, had been in discussions for several weeks with large investors with a view to a capital increase of up to several billion, according to sources familiar with the matter.
This weighed heavily on the registered Credit Suisse which thus ended Friday’s session down 12.4% to 4.07 Swiss francs, not without having reached a new historic low of 4.04 Swiss francs during the day. . The day before, it had already set a new low record, closing at 4.37 Swiss francs. The gloom of the SMI (-1.55%) offered no lifeline for the number two Swiss bank.
Since the beginning of the year, the action of the establishment has thus depreciated by almost half. For comparison, the title of the main rival UBS – down 4.4% to 14.57 Swiss francs on Friday – lost over the same period less than 10% of its value.
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