Credit Suisse Group AG Chairman Axel Lehmann said government assistance “isn’t a topic” for the lender as the Swiss bank seeks to shore up confidence among clients, investors and regulators after a series of missteps.
(Bloomberg) — Credit Suisse Group AG Chairman Axel Lehmann said government assistance “isn’t a topic” for the lender as the Swiss bank seeks to shore up confidence among clients, investors and regulators after a series of missteps.
“We have strong capital ratios, a strong balance sheet,” Lehmann said at the Financial Sector Conference in Saudi Arabia on Wednesday. He said it wouldn’t be accurate to compare Credit Suisse’s current problems with the recent collapse of Silicon Valley Bank, particularly because the banks are regulated differently.
“We already took the medicine,” he said, adding that the Zurich-based bank is well underway in its restructuring program.
Credit Suisse is in the midst of a complex three-year restructuring in a bid to return the bank to profitability. That process is now at risk of becoming bogged down in a broader financial-sector selloff and concerns about many banks’ financial health following the collapse of Silvergate Capital Corp., SVB Financial Group’s Silicon Valley Bank and Signature Bank.
Read more: Credit Suisse CEO Urges Patience as Bank Sees Recent Inflows
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.