What Magic Can Credit Suisse Leaders Pull out of Their Hats?: Lamenting the desolate state of Credit Suisse is not enough. The situation begs the question of what options the bank on Paradeplatz still has. What can the duo… axellehmann ulrichkoerner
Numerous small investors who thought they were being particularly clever over the past two months eagerly buying shares in beleaguered Credit Suisse are now feeling the pain.
Against the background, the company is now in danger of falling behind in important industry developments and changes because it is still so absorbed in dealing with legacy issues. So what can be salvaged and preserved?Since the entry of the Saudi National Bank, Arab investors, together with the former Qataris, hold a quarter of Credit Suisse.
Recently, the answer to that question turned out to be negative, as lawyer Monika Roth recently said in an interview with the «Neue Zürcher Zeitung». She said in the bank's international business, a different set of rules seems to apply, with a culture different from the Swiss unit. In Switzerland, the smallest infractions are punished, but international asset management, as long as it makes money, can get away with more.
Yet in its DNA it is an entrepreneurial bank. If it succeeds in winning over some great entrepreneurs from Switzerland and abroad, it will have gone a long way toward rehabilitating the company.At a recent Investors' Day in London, Credit Suisse meant well but handled things awkwardly. Of course, it was important to eliminate the legacy issues and identify and spin off potential crisis areas. But that is by no means the end of the story.
But that failed to materialize, at least since the launch of the CSX app. Even though the bank has a well-known expert in this field at the helm of its technology division in the person of Joanne Hannaford. In a recent interview with finews.asia, she revealed, among other things, that Credit Suisse had already developed a type of metaverse internally.
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