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Credit Suisse Group AG’s new chief has asked investors for less than 100 days to deliver a new turnaround strategy. Turbulent markets are making that feel like a long time.
Koerner, who was named CEO in late July, has had to deal with market speculation, banker exits and capital doubts as he seeks to set a path forward for the troubled Swiss bank. The lender is currently finalising plans that will likely see sweeping changes to its investment bank and may include cutting thousands of jobs over a number of years, Bloomberg has reported.
Credit Suisse’s market capitalisation dropped to around 10 billion Swiss francs , meaning any share sale would be highly dilutive to longtime holders. The market value was above 30 billion francs as recently as March 2021.