Credit Suisse President reiterates balance sheet strength – “We had a terrible year last year”

Credit Suisse President reiterates balance sheet strength – “We had a terrible year last year”

Swiss credit

The major Swiss bank recorded the largest loss in its corporate history in 2021.

(Photo: dpa)

Washington / Zürich After a record loss in 2021, Credit Suisse Chairman of the Board of Directors Axel Lehmann wants to realign the major Swiss bank. “We had a terrible year last year. We had the biggest loss in the company’s 166 years,” he said at an event hosted by the Institute for International Finance on Friday. “We are aware that we have to change and we will change, of course.”

The bank has a strong balance sheet. “We’re not generating any capital this year because we’re not making a profit.” But by mid-year, Credit Suisse had achieved a core capital ratio (CET1) of 13.5 percent, which is good compared to the rest of the industry. Lehmann confirmed that he wants to reach a value between 13 and 14 in the second half of the year.

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