Ulrich Koerner has a message for Credit Suisse Group AG shareholders: Things are looking up.
(Bloomberg) — Ulrich Koerner has a message for Credit Suisse Group AG shareholders: Things are looking up.
As the Swiss lender slumped toward new lows Tuesday amid news of more control lapses and continued outflows, the chief executive officer put on a brave face, saying business is starting to look a little better after the steep losses at the end of last year.
While the level isn’t yet where he wants it to be, outflows have moderated significantly, he said. The bank’s restructuring is moving ahead, with headcount slashed by 8% already. And while the collapse of Silicon Valley Bank is sending shock waves across the financial system, Credit Suisse’s investors have no reason to worry, he said.
“Earnings momentum is coming back,” Koerner said at an investor conference hosted by Morgan Stanley.
Koerner is seeking to drum up support for a radical restructuring unveiled last year to draw a line under years of scandals and mismanagement. But the measures have so far failed to lure back clients or investors, with the bank’s long-time top shareholder, Harris Associates, exiting after about two decades of owning the stock.
Shares of Credit Suisse fell 5.2% at 11:49 a.m. in Zurich trading, bringing declines this year to 23%.
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