 investment from Saudi Arabia's biggest bank. 'We are creating a new Credit Suisse with a simpler, more stable, more focused business model,' said Axel Lehmann, Credit Suisse's chairman, adding that the plan will 'rebuild Credit Suisse as a strong ... bank with a firm foundation, rock-solid like our Swiss mountains". Investors were not immediately convinced. The lender's shares plunged by nearly a fifth following the announcement on Th){kind=link}
Scandal-hit lender hopes Ulrich Koerner will reverse its fortunes
Ulrich Koerner, Credit Suisse’s new chief executive, has a reputation to uphold.
Known as “Uli the knife”, the German-Swiss national has a penchant for implementing brutal cost-cutting drives.
On Thursday, he began his latest offensive at the embattled Swiss lender, which has lurched from one crisis to another for nearly two years.
Koerner took over from Thomas Gottstein at Credit Suisse in August, having been parachuted in from UBS last year to repair its damaged asset management business. The 60-year-old previously served as the bank’s finance chief in the late 1990s.