Ulrich Koerner, president of Credit Suisse, is pinning all his hopes on private banking. But of all things, the supposed rescue department of the big bank is now in trouble.
Your work falls unchecked towards the ground. Earnings collapsed in the second quarter by three quarters – historically.
Panic breaks out in Paradeplatz. At CS Headquarters, Korner released the slogan: The Heart of Taxes in Wealth Management – Immediately.
The new commanding general left Oliver Wyman’s advisors off limits. Anglo-Saxon analysts are supposed to rehabilitate the former high-flying area under the code name “Laser”.
The walk command of the bridge makes it seem untouchable for a shaky candidate. Francesco de Ferrari was the favorite for the top position with the struggling No. 2 until Corner was elected.
Now De Ferrari could soon fly into the sea. He talks a lot and attends a little, so an insider’s conclusion.
De Ferrari last week offered the latest taste of his candid rhetoric. At City Hall, he apologized to the troops for the fact that renovation was progressing slowly.
There was something else expected from the top wealth manager in CS: a plan, an attack, a snapshot of how to start the business again.
None of this. But the sentences that look good. Di Ferrari – Aesthetic amid a volley of cannons.
The outflows in wealth management are taking on dramatic proportions. The bank lost 1.4 billion in customer assets, to CS, which is second only to UBS globally, in an unparalleled indictment of poverty.
His predecessors, Iqbal Khan and Philip Weil, brought the soup to De Ferrari. Both drove the CS World Cup business to high heights with cheap loans.
De Ferrari is getting nowhere with the finger pointing. Needs wealth management, and do it now.
“We have already said that we will communicate the progress of our comprehensive strategy review along with our third-quarter results,” a spokesperson said.
“Any coverage of possible outcomes before that is speculative in nature.”
According to a source, Operation Laser will see layoffs of several hundred employees in private banking. This will save 10 percent in operating costs.
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