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Credit Suisse CEO Says Firm at ‘Critical Moment’; Sees Strength

Sept. 30, 2022, 4:48 PM

Credit Suisse Group AG’s Chief Executive Officer Ulrich Koerner said the bank is at a “critical moment” as it prepares for its latest overhaul, while stressing the bank’s strength.

In the second carefully-worded memo sent to reassure staff in as many weeks, Koerner told employees not to confuse the “day-to-day” stock price performance with the Swiss firm’s “strong capital base and liquidity position.” The shares are hovering near a record low.

Credit Suisse is in the throes of what is expected to be a major restructuring of the investment bank as Koerner seeks to return the lender to profitability ...