Credit Suisse crisis: In order to save costs, the big bank wants to cut 9,000 jobs worldwide, 2,000 of them in Switzerland. By the end of the year, 540 jobs are expected to be lost in this country. What does that mean for the Swiss banking center? What about the new major investor from Saudi Arabia? Marcel Rohner, president of the Swiss Bankers Association, provides the information.
Marcel Rohner is president of the Swiss Bankers Association (SBA). The Swiss manager worked in the financial sector for thirty years and was CEO of UBS between July 2007 and February 2009.
SRF: Marcel Rahner, as the largest banker in Switzerland, does it hurt you that so many jobs have to be cut, also in this country?
Marcel Rohner: Of course it won’t be a good thing when such measures become necessary. On the other hand, we now see a clear strategy where to go. I am convinced that things will develop well in the long run for this institute, but also for all of us.
In its current situation, the bank needs to cut costs and simplify its business.
Despite the job cuts, CS stresses it wants to strengthen Swiss business. How is it together?
In its current situation, the bank needs to reduce costs and simplify its business in order to be profitable, recapitalize and make a profit. It may well be that in the short term you must first downsize and downsize in order to remain competitive, competitive and profitable.
The Saudi National Bank has acquired a 10% stake in Credit Suisse. What’s your opinion?
CS Corporate Actions announced. It is difficult for all existing shareholders in such a situation due to dilution, but it is beneficial for the bank. The shareholder base consists of many new and old shareholders. Measure creates stability and confidence.
Does this deal harm the image of the Swiss financial center?
The Swiss financial center deals with many different countries, just like our entire economy. We are also a big customer for Saudi Arabia, for example oil for our cars and heating. As a business, we try to work profitably with all our counterparties. When political demands or sanctions arise, we comply, but we are not the ones setting economic policy.
CS President Ulrich Koerner said in an interview that the Saudi National Bank is a shareholder like everyone else. do you agree?
This says it all, exactly.
But if a Chinese state bank wanted to acquire more than 10 percent of CS – would you agree?
Yes, I will make the same statement.
The interview was conducted by Ritu Leib.
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