Credit Suisse Chairman Urs Rohner gave his best to bolster the position of CEO Tidjane Thiam – notwithstanding the write-offs and contradictory statements about the underlying reasons for the financial difficulties the bank faces.
Urs Rohner, chairman of Credit Suisse (CS), in a speech that shareholders will have been looking forward to with unusual anticipation, said that Tidjane Thiam was the «ideal CEO» to implement the bank's strategy presented in October, a strategy that would allow the bank to open an new chapter in its history of some 160 years.
The 1,600 shareholders taking part at the AGM in Zurich's Hallenstadion represented a mere 1.15 percent of the bank's capital. Rohner told employees that he was well aware that the past months hadn't been easy on them and urged them to remain patient as the bank didn't plan to win a sprint but a marathon.
Disappointing Share Price
Credit Suisse only just embarked on the long-distance challenge as Rohner's speech showed. With 2015 already a challenging year, 2016 doesn't promise to be any easier. The chairman said that if a bank aimed for persistent success it was forced to think long-term.
The chairman conceded that he couldn't be satisfied about the performance of the company's share price yet insisted the market had in recent weeks better understood the measures presented by the management and reached a more positive analysis as a consequence.
Historic Tidal Change
Rohner still warned that the implementation of the strategy over the coming two years will demand a lot from all, adding that in his years at the helm of CS he never witnessed anything like the enormous changes engulfing the financial-services industry at the moment.
