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HomeEconomySwiss National Bank monitors Credit Suisse situation - Maechler

Swiss National Bank monitors Credit Suisse situation – Maechler

ZURICH (Reuters) – The Swiss National Bank (SNB) is closely monitoring the situation at Credit Suisse, Andrea Maechler, a member of the Swiss National Bank’s governing board, told Reuters on Wednesday.

Shares in Switzerland’s second-largest bank fell as much as 11.5% on Monday amid concerns about its ability to restructure its business without asking investors , its bonds hit record lows before recovering some of their losses for more money.

“We are monitoring the situation,” Meckler said on the sidelines of an event in Zurich. “They are working on a strategy that will be released at the end of October.”

The SNB has in the past declined to comment on Credit Suisse, which has said it has a strong capital base and liquidity. Details of the restructuring plan and third-quarter results will be announced in October 27.

In July, Credit Suisse announced its second strategic review in a year and replaced its CEO, hiring restructuring specialist Ulrich Coe. Ulrich Koerner to slash its investment banking division and cut costs by more than $1 billion.

The bank is considering steps to reduce its investment banking to a “capital-light, advisory-led” business, Credit Suisse said, and is evaluating strategic options for its securitization business.

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