Credit Suisse’s Swiss unit faces uncertainty over its ability to operate independently due to a large overlap with UBS’ business in Switzerland.
Particularly keen attention will be paid to layoff plans and the fate of Credit Suisse’s Swiss division, which have been at the heart of swirling rumours in recent months. Venditti also said there would be less focus this time around on UBS’s net profit — usually a key measure of how the bank is faring — since it will be distorted by a string of exceptional items.
While little has been said publicly about Credit Suisse’s results, the SonntagsZeitung weekly newspaper cited insiders at the bank suggesting it suffered a loss of 3.5 billion Swiss francs during the second quarter. There has been particularly intense speculation around the fate of Credit Suisse’s Swiss unit, with questions over whether it could continue to operate independently because of the significant overlap with UBS’s business in Switzerland.