As much as two-thirds of the unit could eventually be on the block in the most extreme case after an astronomical first-half loss, senior figures say.
As someone who’s driven in the Beijing to Paris rally in a vintage Porsche, Ulrich Koerner knows all about staying the course. But the new boss of Credit Suisse seems to have had enough of the Swiss giant’s investment bank.
The Credit Suisse building in Switzerland. The gloves are finally off for the investment bank, sources say.Conversations with about a dozen Credit Suisse dealmakers, traders, financiers and wealth advisers, who asked to remain anonymous, depict an investment bank braced for a reckoning. In the early 2010s, Credit Suisse at one point ranked as a top-five global investment bank, according to Bloomberg Intelligence data, as it took on the likes of Goldman Sachs and JPMorgan. Its disastrous backing of Archegos Capital Management and Greensill Capital, two finance firms that blew up spectacularly last year, ended most ambitions to that status.
A Credit Suisse spokesman says: “We’ll update on progress on our comprehensive strategy review when we announce our third-quarter earnings; any reporting on potential outcomes before then is entirely speculative.”The hardest challenge for Koerner and Lehmann will be making exits or winding down businesses without racking up ruinous costs or seriously damaging the company through lost revenue.
Ulrich Koerner. The new boss of Credit Suisse Group seems to have had enough of the Swiss giant’s investment bank.
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