Credit score Suisse goals for stronger franchise from world evaluate By Reuters

By Scott Murdoch

HONG KONG (Reuters) – Credit score Suisse’s high two executives have informed workers the financial institution is working to ascertain a stronger franchise in the long run, in accordance with a memo seen by Reuters on Saturday, amid uncertainty over a world evaluate of its operations.

The memo despatched by Chairman Axel Lehmann and Chief Govt Ulrich Koerner mentioned a “heightened degree of media and market hypothesis” relating to the evaluate had raised questions among the many financial institution’s workers and purchasers.

Reuters reported on Thursday that Credit score Suisse had sounded out buyers a few doable capital elevating because it makes an attempt a radical overhaul of its funding financial institution.

Koerner was appointed chief government in late July and ordered a evaluate of the financial institution’s operations, the second of its kind in two years.

“After we launched our strategic evaluate, we dedicated to an bold timeline while additionally making it clear that we’d perform a rigorous and diligent analysis of all choices for Credit score Suisse,” the be aware mentioned.

“We need to set up a transparent path for the financial institution that may strengthen our franchise for the long run. This course of requires time and a big effort from many elements of the group.”

A Credit score Suisse spokesperson confirmed the contents of the memo.

Varied situations are underneath dialogue for the funding financial institution, together with essentially the most drastic choice of largely exiting the U.S. market, two sources mentioned. A financial institution spokesman mentioned “Credit score Suisse is just not exiting the U.S. market.”

The evaluate’s findings will probably be printed on Oct. 27 when the financial institution releases its third-quarter earnings, mentioned the memo, first printed by Bloomberg Information earlier on Saturday.