Given his task of saving Credit Suisse, António Horta-Osório is this year’s most important banker, Bilanz says after speaking to the chair about his work at the Swiss lender.
«[Thomas] Gottstein has the board’s support,» the bank’s chair, António Horta-Osório says in an interview with «Bilanz» (in German) magazine published Friday while emphasizing the benefits of working beside someone who has climbed the ranks internally and has reached within the bank.
The endorsement must sound like music to Gottstein’s ears after the damning comments made just under a fortnight ago which questioned the legitimacy of the Credit Suisse CEO of 19 months and raised speculation that the chair wanted to take over the role himself.
Seventeen-Hour Work Day
Horta-Osório told «Bilanz,» a Swiss outlet which is traditionally close to Credit Suisse’s management views, how he has settled himself into a cozy house on the sloping shores of tax-friendly Wollerau in the canton of Schwyz.
The 57-year-old Portuguese and British banker works from 7 a.m. to 10 p.m. and is focused on steering the bank out of its recent turmoil, leading it back to significance, while changing its culture along the way, the magazine reported.
Scotched Merger Of Equals
Even though the bank’s market value at 25 billion Swiss francs ($27 billion) makes it an attractive target, a hostile takeover is out of the question for Horta-Osório, the magazine says.
A reason why Urs Rohner and Axel Weber’s hotly-rumored plan to merge Credit Suisse and UBS didn’t work last year was because Credit Suisse’s low share price wouldn’t allow for a merger of equals, it adds, citing people familiar.
