|
Credit Suisse in October announced a plan to raise capital,
slash its workforce and focus even more on its flagship wealth
management franchise while scaling back volatile investment
banking after a string of losses and risk-management failures.
It said this month the turnaround was well under way after
completing a 4 billion Swiss franc ($4.3 billion) capital hike.
"It is clear that such a reorganisation of the bank, the
reorientation of the business model, is not something that can
be done overnight. It takes time, it is a big challenge for the
management and employees of Credit Suisse," Jordan told Swiss
broadcaster SRF in an interview.
He reiterated that the successful capital increase was a
"milestone" in the bank's revamp that reduced risk and was
positive for the stability of the Swiss financial sector.
Asked if he was sleeping more easily, he said:
"Of course we know that Credit Suisse is in an important
transformation process, it is not something that can happen by
itself, it requires the full concentration of the management of
Credit Suisse, but it is important that they now consistently
implement the announced strategy and that it goes in the right
direction."
On other subjects, Jordan played down prospects that the SNB
would make payouts to federal and regional governments next
year.
The SNB lost 142.2 billion Swiss francs in the first nine months
of 2022 as rising interest rates and the stronger Swiss franc
slashed the value of foreign investments.
"It almost has to be a miracle" for payouts to take place,
Jordan said. "The development we have in the fourth quarter does
not indicate that the probability is enormous. A lot can still
happen but we have to be realistic."
($1 = 0.9335 Swiss francs)
(Reporting by Michael Shields; Editing by Angus MacSwan)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
