Credit Suisse Chairman Axel Lehmann and various managers attended the White Turf event in St. Moritz last weekend. A recent social media post about basking in sun and snow seems out of place after yesterday's plunge in its stock price.
Axel Lehmann did not miss the skijoring race at the White Turf in St. Moritz. Together with Private Banking CEO Francesco De Ferrari, Switzerland CEO André Helfenstein, CFO Dixit Joshi, and other managers and executives, the bank president visited the glamorous sporting event, which has been co-sponsored by Credit Suisse since 1976.
A senior executive from the bank's investment division posted pictures of the race and a boisterous crowd of guests under the St. Moritz sun on the career portal Linkedin Wednesday (see excerpt below).
Winter Sunshine
«Glorious winter weather with sunshine and blue skies in the snow-covered Alpine landscape made for an unforgettable experience,» the Credit Suisse banker commented. "We had the pleasure to host many clients in our Credit Suisse tent with Francesco De Ferrari being the host this weekend.»
The Linkedin post has since been making the rounds in the Zurich financial community and causing discord because on Tuesday it became public that the Swiss Financial Market Supervisory Authority (Finma) is pouring over press interviews Lehmann had given at the beginning of December. He had stated the billions in outflows of client funds at the bank had been stopped. But by the end of December, the outflows had increased by a further 15 percent in the fourth quarter.
The Credit Suisse share reacted to Tuesday's news with a sharp price drop, falling to an all-time low of 2.60 francs, suggesting that confidence in the bank's management and its ability to steer the bank out of its various crises has likely taken another hit.
With this in mind, the Credit Suisse banker's social media post shows little sensitivity, even though he has received applause for it from more than 200 Linkedin users.
Excursion Despite Drama
To be sure, the event took place on the weekend before the stock price drop, so the timing cannot be blamed on bank management. Likewise, the traditional gathering is regarded as a top-class business event, which has been held through thick and thin. For the management, such events are hard work, they say, and an efficient way to meet many important customers.
Given the dramatic situation of the financial institution, the bank's management must nevertheless reckon with the fact that last weekend's excursion to the mountains might be interpreted as an act of aloofness, not least by the bank's employees, who are confronted with unsettled customers and the threat of thousands of job cuts at the financial group.
