Credit Suisse CEO Fights on All Fronts as He Faces Lost Year
- Swiss lender suffers slump in confidence on restructuring
- Outflows underscore urgency for success in turnaround plan
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When Ulrich Koerner unveiled a plan to salvage Credit Suisse Group AG in October, the chief executive officer promised to create a new bank. His subsequent failure to reverse a stampede of client funds has raised doubts that “new” means “better.”
Credit Suisse lost an unprecedented 111 billion Swiss francs ($120 billion) worth of assets during the three final months of last year, most of which departed in the run up to the big strategy announcement on Oct. 27. Yet the bank ultimately reported almost 30 billion francs more in outflows by the end of 2022, despite a frantic campaign to call tens of thousands of wealthy clients around the world.