Credit Suisse responsible for reconstruction-Swiss Bank
2022.12.17 12:08
Credit Suisse responsible for reconstruction-Swiss Bank
Budrigannews.com – Swiss National Bank Chairman Thomas Jordan stated in an interview that was broadcast on Saturday that Credit Suisse must successfully carry out its revamp and put an end to a series of negative headlines from Switzerland’s second-largest bank.
Credit Suisse in October reported an arrangement to raise capital, slice its labor force and spotlight considerably more on its leader abundance the executives establishment while downsizing unstable venture banking after a series of misfortunes and hazard the board disappointments.
After completing a capital increase of 4 billion Swiss francs ($4.3 billion), it stated this month that the turnaround was well under way.
“It is abundantly clear that such a reorganization of the bank and reorientation of the business model cannot be accomplished in a single day. In an interview with Swiss broadcaster SRF, Jordan stated, “It takes time and it is a significant challenge for the management and employees of Credit Suisse.”
He reiterated that the bank’s successful capital increase was a “milestone” in its transformation that reduced risk and contributed to the financial sector’s stability in Switzerland.
When asked if he was sleeping better, he replied,
“Of course we know that Credit Suisse is going through a significant transformation; this is not something that can happen on its own; it requires the full concentration of Credit Suisse’s management; however, it is critical that they now consistently implement the strategy that was announced and that it moves in the right direction.”
On different subjects, Jordan made light of possibilities that the SNB would make payouts to bureaucratic and territorial legislatures one year from now.
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In the first nine months of 2022, the SNB lost 142.2 billion Swiss francs due to falling foreign investment values and rising interest rates.
Jordan stated, “It almost has to be a miracle” for payouts to occur. The progress we’ve made in the fourth quarter does not suggest a huge likelihood. There is still a lot of possibility, but we must be realistic.”
