Credit Suisse is no different from a host of European banks that failed to adapt their business models in recent years, Swiss banking expert Beat Wittmann told finews.com-TV in an interview.
Zurich-based Credit Suisse should dismantle its universal bank, Porta Advisors founder Beat Wittmann told finews.com-TV in an interview.
«I think Credit Suisse has all potential in the international business to develop into a kind of super merchant bank: a great brand name, history, and I only hope that they stick to their guns and will deliver some consistency in strategy,» Wittmann said in a video interview.
Credit Suisse is much like other European banks that have been in a permanent state of restructuring for the past seven or eight years, the former Credit Suisse banker said. The banks keep replenishing their capital, instead of making major changes to their business models, he said.
Investor Patience
Wittmann has not been shy about criticizing European banks' failure to adapt to new realities, accusing them of an «epic destruction of shareholder value» in a finews.com interview earlier this month.
However, he said banking stocks represent potentially good value for long-term investors. «Looking at the valuation, I would invest in them actually, but you would probably have to have some patience,» he said.
