FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann/File Photo
“That is with certainty one of the core strategic themes that the board under the new chairman, together with the bank’s executive leadership, will be focusing on,” Gottstein told Neue Zuercher Zeitung on Tuesday. “There are no sacred cows,” Gottstein added in the interview. “What we can already say is, we will be taking risks out of certain parts of investment banking. That certainly includes the Prime Services business” that serves hedge funds like Archegos.
In addition to the costly Archegos blow-up that has engulfed Credit Suisse and other global financial institutions including Nomura, the Zurich-based bank has been in the crossfire over potential losses stemming from loans and funds with one-time billionaire Lex Greensill and his insolvent supply-chain finance company.