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Credit Suisse piecemeal strategy irks investors

In early 2013, Credit Suisse’s top management was convinced that it had adapted to the much stricter rules that have been ushered in since the financial crisis. “We are the only bank operating under Basel III rules for both capital and liquidity,” Gael de Boissard, co-head of Credit Suisse’s investment bank, said at the time. “We are putting the finishing touches to this implementation process while other firms have only just started to change their business model and clean out legacy assets.” Yet almost two years and three investment bank restructurings later, some investors are becoming impatient about what they see as the Swiss lender’s piecemeal strategy and a history of over-optimistic forecasts. “I have some sympathy with them saying ‘we don’t need to rush’,” one top 30 investor says. “What I don’t have sympathy for is that they keep missing targets and finding excuses for it.” Rather than putting the finishing touches to the investment bank, Brady Dougan, ... Show more

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