Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Few Credit Suisse clients have closed accounts - CEO of the bank's Swiss unit

Stock Markets Nov 27, 2022 12:55PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The slogan "Of course it works." is seen behind as CEO Andre Helfenstein of Credit Suisse (Schweiz) AG addresses a news conference in Zurich, Switzerland September 10, 2020. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - The head of Credit Suisse's Swiss unit said "some customers have withdrawn some of their money, but very few have actually closed their accounts."

Last week, Switzerland's second-largest bank said it expects to make a pre-tax loss of up to 1.5 billion Swiss francs ($1.6 billion) during Q4 and revealed that wealthy clients had made hefty withdrawals, leading to a big drop in liquidity, breaching some regulatory limits.

The announcement sent the share price tumbling and led to the cost of insuring the debt of Credit Suisse against default rising.

"In our Swiss Bank division, client assets have stabilised, and we have lost a total of 1% of our asset base," said Andre Helfenstein in an interview published on Sunday with Swiss newspaper SonntagsZeitung.

A number of options have been floated as paths Credit Suisse may take to help it get it back on track. Helfenstein said splitting the Swiss business from the bank's international business was "absolutely not an option".

He also said a sale of the private client business and the asset management division was "not up for debate either".

As part of the restructuring plan Credit Suisse announced last month, the bank also said it would cut thousands of jobs by 2025, including 2,700 by the end of this year.

Helfenstein said the difficult year has had an impact on employee morale. "I wouldn't say demotivation, but rather a certain level of fatigue and sometimes frustration," he said.

($1 = 0.9453 Swiss francs)

Few Credit Suisse clients have closed accounts - CEO of the bank's Swiss unit
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (3)
my life my rule
my life my rule Nov 27, 2022 3:14PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
file bankruptcy fast to make other people money safe
G D
G D Nov 27, 2022 3:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Whatever a bank says believe the opposite.
John McFarlin III
John McFarlin III Nov 27, 2022 1:58PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Well, OK. The Accounts are still open, but they have been drained of values.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email