The Swiss bank won't decide on its the specifics of its overhaul until year-end, new overseer António Horta-Osório said in his first press remarks since in the job.
Credit Suisse directors plans to take several more months to form an opinion on the crisis-hit Swiss bank's strategy in the future, Chairman António Horta-Osório told «Neue Zuercher Zeitung» (behind paywall, in German) in an interview published on Thursday – his first since in the job.
«We can expect to decisions towards the end of the year. Then it's about implementing these decisions and taking a clear direction,» he told the Swiss daily. «Then I expect everyone to act as a team and over time for a new culture to emerge – one of working together.»
Probes' End Draw Near
Both of the Swiss bank's biggest problems – $5 billion of losses on Archegos and a $10.1 billion Greensill fund implosion – emerged shortly before 57-year-old Portuguese-British banker took over nine weeks ago.
He immediately pledged a review of strategy, culture, and risk of the bank, previously overseen by long-standing Chairman Urs Rohner. On Thursday, Horta-Osório told the Swiss outlet that two board-led probes into Archegos and Greenwill would conclude over the summer.
«Not A Static Process»
Horta-Osório's remarks largely lack any specifics, and he isn't asked about several weighty issues on investors' mind, such as if he continues to back CEO Thomas Gottstein or whether wealthy Credit Suisse clients who bought the Greensill products can expect financial amends from the bank over their losses.
He voices little of the urgency that is felt by Credit Suisse's clients, employees, or investors, who have watched the the stock shed nearly one-fifth of its market value thus far this year as the problems pile up.
«This is not a static process, but I have a clear picture of what direction the bank needs to go in,» he tells the outlet. His first impressions from inside Credit Suisse are of an outstanding combination of clients and business segments, client-centric and entrepreneurial employees – but that the bank has serious problems that need addressing,
«It Will Take Time»
Horta-Osório, who was recently knighted for running U.K. bank Lloyds for the past decade, appears to be happy with his board colleagues. It is a diverse bunch which includes SPAC heavyweight Michael Klein, ex-J.P. Morgan banker and blockchain aficionado Blythe Masters, and TSB Chairman Richard Meddings.
«I am certain that we can lead the bank back to where it belongs, but it will take time,» he said. Lloyds, he noted, was in much poorer shape when he took over as CEO ten years ago than Credit Suisse is today (he had previously referred to the Swiss crisis the worst of his career).
