Credit Suisse Swiss Head Seeks to Calm Outflow Concerns: The head of Credit Suisse's Swiss business gave an interview on Sunday with an influential Swiss newspaper seeking to allay concerns about money… creditsuisse andréhelfenstein allayconcerns
After Credit Suisse shares plunged nearly seven percent to an all-time low of 3.32 francs on Friday, André Helfenstein, CEO of its Swiss Business sought to exude calm and allay fears about money outflows in the Swiss unit in an interview with the «Sonntagszeitung» .
«We lost a total of 1 percent of our asset base,» Helfenstein specified, adding that few Credit Suisse clients closed their accounts after the money was withdrawn. In addition to the money outflows, job cuts are a hot topic of conversation around the bank. Helfenstein said that at the Swiss unit, a reduction in headcount will come primarily from natural attrition.
The current structure of the Swiss Bank has the decisive advantage of offering internationally focused Swiss clients the option of drawing on the expertise and services of global asset management and investment banking teams.Helfenstein understood concerns about «cultural consistency» at the institution, of which questions were raised following Saudi National Bank becoming a new major shareholder.
«However, we have to be careful with our supposed moral high ground.» Much of the economy is based on oil, he said, and why prosperity in this country as a whole is closely tied to those countries.Helfenstein also addressed job cuts which are part of the restructuring Credit Suisse is currently undergoing. The only factor in the announced cutback of 2,000 jobs in Switzerland is the type of job, not the age.
The bank, meanwhile, must be able to adapt to changes in the industry, for example, to cope with advancing digitalization.Helfenstein added the job cuts will be made as far as possible through natural attrition, and employees affected would receive their salaries for seven to twelve months. Another option is early retirement which is possible from the age of 58.
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