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Credit Suisse has strong capital base and liquidity -CEO memo

Credit Suisse has strong capital base and liquidity -CEO memo
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© Reuters. FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland September 26, 2022. REUTERS/Arnd Wiegmann/File Photo

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ZURICH (Reuters) – Credit Suisse has solid capital and liquidity, Chief Executive Ulrich Koerner told staff in a memo seen by Reuters on Friday and confirmed by a spokesperson for the Swiss bank that is due to announce the outcome of a strategic review next month.

“I know it’s not easy to remain focused amid the many stories you read in the media – in particular, given the many factually inaccurate statements being made. That said, I trust that you are not confusing our day-to-day stock price performance with the strong capital base and liquidity position of the bank,” he wrote, adding that he was unable to share details of transformation plans before Oct. 27.

The bank had said on Monday it was pressing ahead with its review that includes potential divestitures and asset sales.

Citing people familiar with the situation, Reuters reported last week that Credit Suisse was sounding out investors for fresh cash as it attempts a radical overhaul of its investment bank.

“We are in the process of reshaping Credit Suisse for a long-term, sustainable future – with significant potential for value creation. Given the deep franchise we have, with a long-standing focus on serving some of the world’s most successful entrepreneurs, I am confident we have what it takes to succeed,” Koerner wrote in the memo.

Credit Suisse shares, which have fallen by more than half this year to touch record lows, gained 3.9% on Friday to close at 3.976 Swiss francs.

Written by biedexadmin