Furthermore, Credit Suisse has been poorly run and struggling for some time. It has suffered repeated risk-management and compliance scandals, including being exposed to losses from Archegos and Greensill. Its top management ranks have been a revolving door.
Its problems are idiosyncratic and, to a degree, an expression of management caution rather than recklessness. It owns a sub-par investment banking unit that needs to be shrunk or shut down. Based on the second-quarter results this division eats up 30% of its risk-adjusted assets and has annualised costs of SFr8bn . It is largely to blame for the firm’s overall quarterly pre-tax loss of SFr1.17bn and awful return on equity of minus 14%.
At the last moment of downfall
😘🤭🤦
John help me Please!!!
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Source: TheEconomist - 🏆 6. / 92 Read more »