The logo of Swiss bank Credit Suisse in Zurich, Switzerland. Picture: REUTERS/AMD WIEGMANNCredit Suisse’s Thomas Gottstein has had to contend with losses on loans to rich clients, reports on questionable deals the bank arranged for others, and a lacklustre trading performance.
The surprise writedown caps a tough year for Gottstein, who is simplifying the bank’s organisation as the volatility caused by the coronavirus pandemic ripples through its various businesses. The asset management unit in particular has been hit hard recently, with Credit Suisse closing down funds and laying off employees at its alternatives business, and overhauling investment guidelines for others.
Shares of Credit Suisse rose 2% in Zurich as European stocks rallied. They have lost about 12% in 2020, compared with a small gain for rival UBS. York Capital was Credit Suisse’s biggest hedge-fund equity investment and the only one listed in the 2019 annual report, though the bank has seed investments in a number of other funds. York represented about 1% of the Sf438bn overseen by the bank’s asset management unit as of the end of 2019.
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