Credit Suisse Bankers Get Ready for Another Year of Pain
Horta-Osorio has gone, but the Swiss giant’s problems remain. A repeat of 2021’s staff exodus is looming and the prime-broking exit is tricky.
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“The foundations are in place, the rails have been laid, now the train just has to leave the station.” As a description of Credit Suisse Group AG’s recovery plan, the comments from its new chairman to a local newspaper on his first day in the job were certainly pithy.
The problem for Axel Lehmann — promoted swiftly in January to replace the Covid rulebreaker Antonio Horta-Osorio — is that many staff and investors aren’t convinced that the Swiss banking giant has a fully working engine yet.