The Swiss National Bank is monitoring the situation of Credit Suisse - Maechler

The Swiss National Bank is monitoring the situation of Credit Suisse – Maechler

ZURICH, Oct 5 (Reuters) – The Swiss National Bank (SNB) is monitoring the situation at Credit Suisse (CSGN.S) up close, SNB board member Andrea Maechler told Reuters on Wednesday.

Switzerland’s second-largest bank saw its shares fall 11.5% and its bonds hit record highs on Monday, before recouping some of the losses, amid concerns over its ability to restructure its business without asking for more. money to investors. Read more

“We are monitoring the situation,” Maechler said on the sidelines of an event in Zurich. “They are working on a strategy which is due out at the end of October.”

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The SNB declined to comment in the past on Credit Suisse, which said it has a strong capital and liquidity base. It is due to announce details of a restructuring plan as well as third quarter results on October 27.

In July, Credit Suisse announced its second strategy review in a year and replaced its chief executive, bringing in restructuring expert Ulrich Koerner to shrink its investment banking arm and cut costs by more than $100. a billion dollars. Read more

The bank is considering steps to reduce its investment banking to a “small-cap, advisory-focused” business, and is evaluating strategic options for the securitized products business, Credit Suisse said.

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Reporting by John Revill Editing by Michael Shields and Mark Potter

Our standards: The Thomson Reuters Trust Principles.

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