When asked how the bank is managing customer outflows – which rose to more than 110 billion Swiss francs (US$120 billion) in the fourth quarter in 2022 – the CEO said the bank had started “an unprecedented client outreach programme” on October 27 last year as part of a “new strategy”.
“We reached out to more than 10,000 wealth management clients globally in one-on-one individual discussions. That has created very good momentum … we do everything possible to keep up that momentum during the course of the whole year. And I think that is what we are doing to regain as many of these assets as quickly as possible.”
There has been a number of high profile personnel exits across Asia and Europe, with all but one of the bank’s executive board members replaced over the past two years.
Mr Koerner said that the bank has seen “somewhat heightened attrition, which in a moment of change, is not so surprising”. He was referring to the bank’s restructuring, which would involve axing 9,000 jobs.
However, he told CNA that the lender “has no issues whatsoever” with hiring more staff, which is part of its restructuring plan.
“The strategy is the right one, a hundred per cent, and confirmed by all stakeholder groups. We are executing as we speak, at pace,” Mr Koerner said, adding that the strategy is “necessary”.
“This is a three-year transformation … to a new Credit Suisse, (a) simpler, more stable bank with high profitability levels. From where we are today, it takes some time. It’s worthwhile to do it … to execute this transformation successfully.”
