Orbit36 Vice Chairman Claude Moser on Swiss National Television
Ahead of Credit Suisse’s long-expected strategy update, Orbit36 Vice Chairman Claude Moser is interviewed by SFR News, Switzerland’s primary public television channel. Today’s main edition of “Tagesschau” can be watched here: https://www.srf.ch/play/tv/redirect/detail/99ca3353-fa8b-463f-9029-a8d8d99f139c
Claude emphasizes in the interview that what the bank will announce tomorrow must be “undoubtfully clear”. He says that the new strategy should be “easily understandable” and “quickly implementable”. It is “crucial that the new bank can start to operate as soon as possible so that clients and staff can concentrate on the daily business.”
The revised strategy brings stability for the bank, but goes along with high restructuring costs. Those incur mainly for contracts which need to be early terminated and to fund redundancy packages for staff that is no longer needed. “This requires significant resources”.
Credit Suisse has already started to dispose assets. It remains to be seen what steps the bank will announce tomorrow and whether existing shareholders might be asked to temporarily provide capital to support the bank’s transformation.