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Credit Suisse equities business under the microscope after revenue crash

  • 📰 Reuters
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At the grandiose Fontainebleau Miami Beach hotel, Credit Suisse hosted its top clients in October amid growing doubts it was still in the securities trading game after a series of high-profile blunders.

At the Fontainebleau hotel, Credit Suisse bankers were puzzled by the announcements, and concerned about their jobs being on the line, said the executive, who declined to be named.

Since then, Credit Suisse has struggled to convince investors its overhaul will put the bank on firmer footing - and how it will reorganise securities trading is a big piece of the puzzle. Under the overhaul unveiled by Chief Executive Ulrich Koerner in October, trading would in future serve the needs of the bank's wealth clients - its main focus - and also work with CS First Boston , its newly created investment bank.

Koerner told analysts in February that some of the losses at the investment bank were related to "intentional de-risking", without elaborating. The option wasn't pursued partly because managers thought it would be difficult to find buyers, they said.

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Credit Suisse shares still trading at multiyear lows.

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