“I believe that CS will turn the corner,” said Finance Minister Ueli Maurer in an interview with Swiss television published on Tuesday evening. It is important for Switzerland to have a second major bank alongside UBS. “And we have an interest in having a stable, strong CS again in the future. I am quite confident that we will succeed.”
After billions in losses, the institute announced a change in strategy at the end of October, which envisages, among other things, the exit from parts of risky investment banking and massive cost reductions. Maurer spoke of a number of good measures after a bad phase. When asked whether the federal government would save Credit Suisse if it nevertheless got into trouble, the finance minister said: “At the moment this is not a perspective and there is no reason for discussion.” The bank took steps to solve the problem itself. “You just have to leave them alone for a year or two.”
On the SIX, the CS share temporarily fell 4.89 percent to CHF 2.92.
Zurich (Reuters)
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