Credit Suisse chairman Antonio Horta-Osorio has today revealed that the six largest investors of the bank back its newly announced strategy, according to reports.
“We are in close contact with our shareholders – in particular the six largest, who together own around 30 per cent of the capital,” Horta-Osorio told Swiss newspaper NZZ am Sonntag, which first reported the news.
“We think we understand their priorities and that they entirely support our strategy,” Osorio added.
Earlier this week the scandal-hit lender revealed sweeping restructuring plans including paring back its investment bank activities after it suffered multibillion losses this year.
Osorio, who joined Credit Suisse from Lloyds in April, has spent the last few months planning the much-anticipated structural review, which was published earlier than expected, after the bank was embroiled in a series of high-profile scandals.
Under the new strategy Credit Suisse will focus instead on its wealth management division, in an effort to pull back from the prime broking unit that serves hedge funds and slid into a $5.4bn loss from the collapse of US family office Archegos Capital in March.
The new strategy was designed to “rebuild a culture of trust” in and around the bank, Osorio told reporters on Thursday, as he acknowledged that there was “no quick fix” and it would be a “continuous effort.”
“Risk will be a key area of continued focus going forward,” he said, adding that the bank now has a “clear and robust long-term vision” as part of a three year plan going forward.