Posted on Nov 4, 2021, 10:13 a.m.Updated Nov 4, 2021, 11:25 AM
Competitors of Credit Suisse will be disappointed. The German Allianz and the American Blackrock, who were eyeing the asset management branch of Credit Suisse in the spring, will have to wait a long time. Antonio Horta-Osorio, the new chairman of the board of the Swiss giant shaken by the revelation of serial scandals that culminated with the affairs of the hedge fund Archegos which cost him $ 5.1 billion, and the fintech Greensill, dismissed the divestiture of its asset management division anticipated at the height of the crisis by analysts. The option of a merger with its longtime rival UBS is also ruled out in the new strategic axes presented this Thursday by Credit Suisse.
More than a revolution, the group favors adjustments in capital allocation. In the footsteps of UBS, it wants to push the fires in wealth management, especially in Asia, a region now the heart, and significantly reduce its footprint in investment banking. “Today marks the start of a new phase for Credit Suisse,” Antonio Horta-Osorio, credited with saving Britain’s Lloyds Bank, told a press conference in London.