Credit Suisse Group AG cleared one hurdle in its last-ditch radical overhaul after shareholders backed its plan on Wednesday to raise $4 billion in equity funding in a two-part stock sale. But the trading statement from the Swiss bank ahead of the vote showed just how desperate is its fight for survival.
The bank’s core wealth business — the heart of Chairman Axel Lehmann’s rebuilding blueprint — is suffering a crisis of credibility among clients at a time when an elite private bank ought to be reveling in its role as a trusted shepherd in treacherous markets.
