Suisse bank declared a series of measures on 27 October 2022. It aimed to turn their policy after facing huge problems circling them. The huge problems included cutting off employees, over 9000 jobs being cut, and creating fresh capital.
Lehmann, chairman of the bank, said that the bank will focus on enhancing the risk administration systems as a series of investments have turned wrong over the years.
“I am convinced that this is the blueprint for success, helping rebuild trust and pride in the new Credit Suisse.” The voice of the chairman.
“This is a historic moment for Credit Suisse. We are radically restructuring the investment bank to help create a new bank that is simpler, more stable, and with a more focused business model built around client needs,” new chief executive Ulrich Koerner said.
The bank is trying to create a simpler and more stable bank by next year. The company is 166 years old and has faced many ups and downs on its way.
“Over 166 years, Credit Suisse has built a powerful and respected franchise but we recognize that in recent years we have become unfocused,” chairman Axel Lehmann said in a report.
Credit Suisse is a financial services company founded in Zurich, Switzerland. It is considered a global systemically significant bank by The Financial Stability Board and also the “Bulge bracket” bank which is the world’s largest Multinational investment bank that mostly serves big corporations, government, and institutional investors. It provides services like private banking, asset management, investment banking, and shared services. It was built in 1856 to fund the development of the Switzerland rail system. It is popularly known for its client confidentiality and banking secrecy.
Credit Suisse is the second biggest bank in Switzerland. The bank is aiming to end the scandal which trembled the institution which happened earlier. They have launched a review of strategy to end the series of scandals and said that the outcomes were planned to create “a simpler, more focused and more stable bank”
The strategy planned by the second biggest bank in Switzerland is to restructure the overall working pattern of the bank by hiring banks to help them fund. The banks will further help fund the reorganizing. It will need a $4 billion capital increase, and for that reason, the bank has to hire about 20 banks and the new top shareholder will be the Saudi National Bank. The Saudi National Bank will be deemed to invest a sum of 1.5 million Swiss francs to achieve a shareholding of 9.9%