1 month ago
emea tribune
(Bloomberg) — When Ulrich Koerner unveiled a plan to salvage Credit Suisse Group AG in October, the chief executive officer promised to create a new bank. AdvertisementRead More: Credit Suisse Offers Higher Rates to Rebuild Depleted AssetsThe client-funds flight has crushed assets under management, with Credit Suisse saying it expects income from lending and fees to decline as a result. Last year was billed as a year of transition to a more profitable Credit Suisse, a label that’s now also being applied to 2023. Cost savings are another area where Credit Suisse made progress as it cut 2,000 jobs in the past quarter, putting it on track to meet its 2025 goal of eliminating 9,000 roles. AdvertisementThe last three months have shown that the timetable for the revitalization of Credit Suisse isn’t likely to conform to Koerner and Lehmann’s plans even if they implement as promised.
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