Credit Suisse Group AG’s Chief Executive Officer Ulrich Koerner said the bank is at a “critical moment” as it prepares for its latest overhaul, while stressing the bank’s strength.
In the second carefully worded memo sent to reassure staff in as many weeks, Koerner told employees not to confuse the “day-to-day” stock price performance with the Swiss firm’s “strong capital base and liquidity position.” The shares are hovering near a record low.
Credit Suisse is in the throes of what is expected to be a major restructuring of the investment bank as Koerner seeks to return the lender to profitability and put an end to a string of scandals.
While conceding that there is a lot of uncertainty and speculation both within and outside the bank, the CEO said he will be sending a regular update to staff until the results of its strategic review on Oct. 27, according to the memo, seen by Bloomberg and confirmed by a Credit Suisse spokesperson.
Koerner asked staff to remain disciplined and close to clients despite all the media attention the bank is receiving.
This article was provided by Bloomberg News.