Credit Suisse has strong capital base and liquidity -CEO memo
ZURICH, Sept 30 (Reuters) - Credit Suisse CSGN.S has solid capital and liquidity, Chief Executive Ulrich Koerner told staff in a memo seen by Reuters on Friday and confirmed by a spokesperson for the Swiss bank that is due to announce the outcome of a strategic review next month.
"I know it's not easy to remain focused amid the many stories you read in the media – in particular, given the many factually inaccurate statements being made. That said, I trust that you are not confusing our day-to-day stock price performance with the strong capital base and liquidity position of the bank," he wrote, adding that he was unable to share details of transformation plans before Oct. 27.
The bank had said on Monday it was pressing ahead with its review that includes potential divestitures and asset sales.
Citing people familiar with the situation, Reuters reported last week that Credit Suisse was sounding out investors for fresh cash as it attempts a radical overhaul of its investment bank.
"We are in the process of reshaping Credit Suisse for a long-term, sustainable future - with significant potential for value creation. Given the deep franchise we have, with a long-standing focus on serving some of the world's most successful entrepreneurs, I am confident we have what it takes to succeed," Koerner wrote in the memo.
Credit Suisse shares, which have fallen by more than half this year to touch record lows, gained 3.9% on Friday to close at 3.976 Swiss francs.
Reporting by Oliver Hirt, writing by Michael Shields; Editing by Elaine Hardcastle and Bill Berkrot
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.