The Swiss bank's chairman and CEO granted a joint interview, in a bid to demonstrate unity and quell rumors of discord.
António Horta Osório has no plans to replace Credit Suisse's CEO Thomas Gottstein and take over himself, the Swiss bank's chairman of five months told weekly «Sonntagsblick» (in German) in an interview with both men published on Sunday.
The interview – Horta Osório's second since arriving in Switzerland – appears to be an orchestrated media response to a report by the «Financial Times» two weeks ago. The piece enfeebled Gottstein by depicting him as a CEO in need of coaching by Horta Osório and who couldn't be sure of keeping his job once Credit Suisse has worked through its current firefighting.
Microscope On Balance Sheet
Gottstein enjoys «the full trust of the board,» had displayed remarkable leadership qualities during its recent turmoil, and is the right man for its strategic review, Horta Osório said in the interview, conducted in London by the Swiss tabloid.
The duo said they had not found any cases comparable to either Greensill or Archegos – which necessitated a nearly $2 billion injection of capital by heavyweight shareholders in April – when they had parsed Credit Suisse's balance sheet line for line.
All Options Under Examination
Horta Osório is emphasizing personal accountability for risk-taking, which seems somewhat at odds with Credit Suisse's often free-wheeling entrepreneurial culture. Both he and Gottstein told the tabloid Credit Suisse needs to hit the brakes on risk, and install incentives who share their values in terms of risk-taking.
Gottstein, CEO since February of last year, said the bank is examining every division and business and evaluating all options. The results of the strategy review are widely expected as soon as November 4, when Credit Suisse reports third-quarter results, or for December, when the bank has in recent years held an investor meeting.
