Credit Suisse Woes Show Europe’s Banking Dilemma, BlackRock Says
- Major investor says bank’s business review is about clarity
- Swiss lender prepares to unveil turnaround plan next week
This article is for subscribers only.
Credit Suisse Group AG’s struggles with its business model underscore the broader issue facing banks across Europe, a top executive at major shareholder BlackRock Inc. said.
“If you want to attract investors, you need to have the right business model. And this review in my mind is all about clarity,” Philipp Hildebrand, vice chairman at the world’s largest asset manager, said in an interview with Bloomberg Television on Tuesday. “This is what has been in many ways haunting the European banking sector for quite some time.”