Swiss central bank sees onus on Credit Suisse to execute revamp

Swiss central bank sees onus on Credit Suisse to execute revamp

Zurich: Credit Suisse needs to execute its revamp successfully and end a string of negative headlines from Switzerland’s second-biggest bank, Swiss National Bank Chairman Thomas Jordan said in an interview aired on Saturday. Credit Suisse in October announced a plan to raise capital, slash its workforce and focus even more on its flagship wealth management franchise while scaling back volatile investment banking after a string of losses and risk-management failures. It said this month the turnaround was well under way after completing a 4 billion Swiss franc ($4.3 billion) capital hike. “It is clear that such a reorganisation of the bank, the reorientation of the business model, is not something that can be done overnight. It takes time, it is a big challenge for the management and employees of Credit Suisse,” Jordan told Swiss broadcaster SRF in an interview. He reiterated that the successful capital increase was a “milestone” in the bank’s revamp that reduced risk and was positive for the stability of the Swiss financial sector. Asked if he was sleeping more easily, he said: “Of course we know that Credit Suisse is in an important transformation process, it is not something that can happen by itself, it requires