Credit Suisse says only a few customers are closing accounts
CEO of Credit Suisse Switzerland division, André Helfenstein, as seen in an archive picture from 2020
Keystone / Urs Flueeler
The head of Credit Suisse’s Swiss division says that only a few clients are actually closing accounts at the bank. His comments came after the troubled bank reported high customer fund withdrawals globally.
This content was published on
2 minutes
Swiss media/Keystone-SDA/SWI swissinfo.ch/ij
Português
pt
Credit Suisse diz que apenas alguns clientes estão fechando contas
“Some clients have withdrawn part of their funds, but only very few have actually closed their accounts,” the CEO of Credit Suisse’s Swiss unit, André Helfenstein, said in an interview published in the SonntagsZeitungExternal linkand Le Matin Dimanche. “We have only lost around 1% of our asset base in our asset base in our Swiss division.”
He added that the bank was profitable in Switzerland itself: pre-tax profit stood at more than CHF1.2 billion ($1.27 billion) for the first nine months of the year. “And this despite declining financial markets and rising interest rates, which make business more difficult,” he said.
A split of the bank into Swiss and international divisions was not under discussion, Helfenstein stressed. And nor was the sale of the private client and asset management businesses, he added.
Global problems
Helfenstein’s comments came after the bank last Wednesday issued a profit warning for the fourth quarter of up to CHF1.5 billion – and signalled hefty global client withdrawals. Shareholders also signed off on a capital hike of CHF4 billion.
More
More
Credit Suisse approves CHF4bn fundraise to underwrite restructuring
This content was published on
Credit Suisse shareholders have approved a CHF4 billion capital raise amid a large-scale exodus of client assets and an expected CHF1.5bn quarterly loss.
Credit Suisse has suffered a string of setbacks in recent years by being on the wrong end of soured business deals and courtroom battles. Management is attempting to stop the rot with a radical overhaul of the bank’s operations and strategy.
At the end of October, Credit Suisse announced a major restructuring that will see 9,000 jobs being slashed worldwide – 2,000 in Switzerland – and the sale of investment banking operations.
Popular Stories
More
Banking & Fintech
Luxury heir claims his CHF11 billion Hermès fortune has vanished
What can be done to protect biodiversity in your country?
Swiss voters are set to decide on a people’s initiative calling for better protection of ecosystems in the country. Have your say on the September 22 vote.
Swiss investigate four people linked to Russian oligarch
This content was published on
The Office of the Attorney General of Switzerland is investigating four individuals linked to Russian oligarch Suleyman Kerimov.
Swiss government scrambles to deal with egg shortage
This content was published on
From September 1, more eggs intended for consumption may be imported into Switzerland. In allowing this, the government wants to secure the supply of eggs for consumers.
This content was published on
Agricultural research sees new development opportunities for Swiss sparkling wines in the face of declining wine consumption. In a survey, half of consumers expressed a willingness to pay more for local products than for foreign ones.
Locarno spotlights filmmakers from South America and Caribbean
This content was published on
The Open Doors section of the Locarno Film Festival has named the winners for 2024. The spotlight is on the South American and Caribbean regions.
Storm paralyses trains to popular Swiss tourist resort
This content was published on
The railway line between Zweilütschinen and Grindelwald in central Switzerland is expected to remain closed until Friday following heavy rains.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.