Bleak prospects: A pedestrian walks past a Credit Suisse branch in Zurich, Switzerland. The lender’s past continues to haunt it, making it harder to repair an image which is critical to holding on to wealthy customers. — Bloomberg
FRANKFURT: Weary Credit Suisse investors fear a long wait for the bank to get back on piste after a string of scandals which have wiped billions off its market value and piled pressure on management.
While Switzerland’s second-largest bank says that it can create value by serving its wealthy clients with “care and entrepreneurial spirit”, the market is not yet convinced and its share price has dropped by nearly a third in a year, knocking some 10 billion Swiss francs (US$11bil or RM46.1bil) off its valuation.
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