Credit Suisse in crisis: In order to save costs, the big bank wants to cut 9,000 jobs worldwide, 2,000 of them in Switzerland. By the end of the year, 540 jobs are expected to be lost in this country. What does that mean for the Swiss banking center? And what about the new major investor from Saudi Arabia? Marcel Rohner, President of the Swiss Bankers Association, provides information.
SRF: Marcel Rohner, as the top banker in Switzerland, does it hurt you that so many jobs have to be cut, also in this country?
Marcel Rohner: Of course it’s not good when such measures become necessary. On the other hand, we now see a clear strategy as to where to go. I am convinced that things will develop well in the long term for this institute, but also for all of us.
In its current situation, the bank needs to cut costs and streamline its business…
Despite the job cuts, CS emphasizes that it wants to strengthen the Swiss business. How does that go together?
In its current situation, the bank needs to cut costs and streamline its business in order to be profitable, recapitalize and turn a profit. It may well be that in the short term you have to first downsize and downsize in order to remain competitive and competitive and to become profitable.
The Saudi National Bank has acquired a 10 percent stake in Credit Suisse. What do you make of it?
CS has announced corporate actions. It’s tough for all existing shareholders in a situation like this because of dilution, but it’s good for the bank. The shareholder base consists of many new and old shareholders. The measure creates stability and trust.
Doesn’t this deal damage the image of the Swiss financial center?
The Swiss financial center does business with many different countries, just like our entire economy. We are also a big customer of Saudi Arabia, for example for oil for our cars and heating. As a commercial enterprise, we try to work profitably with all our counterparties. When political or sanctions demands arise, we comply, but we are not the ones making economic policy.
CS boss Ulrich Körner said in an interview that the Saudi National Bank is a shareholder like everyone else. Would you agree with that?
That says it all, exactly.
But if a Chinese state bank wanted to take over 10 percent of CS – would you agree?
Yes, I would make the same statement.
Reto Lipp conducted the interview.