Credit Suisse is waging an epic battle to redefine itself with a new strategy, but it is not alone among European banks in confronting its business model, Blackrock Vice-Chairman Philipp Hildebrand in an interview with «Bloomberg» TV.
Following disastrous second-quarter results, Credit Suisse said it would undertake a review of its strategy and named a new CEO with a cost-cutting reputation, Ulrich Koerner, to lead the effort. «If you want to attract investors, you need to have the right business model. And this review in my mind is all about clarity,» Hildebrand, who also served as President of the Swiss National Bank told Bloomberg. But this is not an issue limited to Credit Suisse.
Accordingly, «Credit Suisse is still in most indices, and therefore many of our clients are still invested. I would also say that I’m sure many feel this is an attractive level to re-enter,» Hildebrand told Bloomberg in response to a question as to why Blackrock still holds Credit Suisse shares. He declined to comment on whether Blackrock would be interested in buying Credit Suisse assets such as its asset management business in the US. While still in his role as SNB president, Hildebrand said that the future of the financial industry in Switzerland was in wealth management rather than investment banking, according to «Bloomberg».
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