Credit Suisse chairman Axel Lehmann believes the bank will remain independent despite acquisition rumors, but he knows it needs to show progress.
The «Financial Times» released an in-depth video on its website examining Credit Suisse's recent struggles while looking at its ability to remain a viable, independent bank in the future.
In the piece, it interviewed current bank chairman Axel Lehmann who maintained: «We have a 166-year-old history, and I'm a strong believer that as an independent company alongside other large banks in Europe and in Switzerland, that's the future of the bank.»
Besides suffering the twin blows of the Greensill and Archegos scandals in 2021, and the relatively short tenure of its ill-fated former chairman, who resigned at the cusp of 2022, there was recent speculation as to whether Credit Suisse was a potential acquisition target for US custodian bank State Street, although the latter subsequently denied it was seeking any deal.
«It Starts At the Top»
According to Lehmann, the bank has taken «very decisive steps» to revamp the business beginning with numerous fresh appointments to its leadership team.
«It starts at the top with the board of directors. 50 percent of our members are new or less than a year in their jobs. We have everywhere new committee chairs, including me as the new chairman. We have a brand new executive board with 11 out of 13 members that are new,» he explained.
«Shareholders give us credit. They believe in Credit Suisse but we need to show progress.»
Attracting Talent
Another area Lehmann highlighted in the video was its continued ability to attract top talent, citing the caliber of new board members and group executives as evidence of that.
«People see the current situation. It's a great brand. It's a great franchise, under pressure with a lot of upside,» he said.
Bottoming Out
Related to the possibility of new revelations of failures at the bank, Lehmann noted that while there was an ongoing review of all risk positions and legacy issues, the end is in sight although problems may «pop up here and there».
«But I am confident that we have bottomed out and we will bottom out and we will go step by step into the right direction,» Lehmann said. «It's not a sprint, more [of] a marathon.»
