Zurich — Credit Suisse’s big shareholders back the scandal-hit bank’s new strategy, chair Antonio Horta-Osorio told Swiss newspaper NZZ am Sonntag, adding the group would also overhaul its pay system for executives to reduce risk.
Horta-Osorio, who joined from Lloyds Bank in April, said he was putting risk management and responsibility at the heart of operations at Switzerland’s second-biggest lender. “There has been a clear lack of risk controls over the past 10 years. However, risk management only works if a cultural change succeeds and you have the right people for it. The new chair understands risk and banking, which wasn’t the case with the former chair.”
Herro said the focus should be on creating long-term value rather than short-term price moves. Credit Suisse trades at about 50% of its book value, below rivals like UBS , but Herro said it could recover.
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