A memo from Credit Suisse has reassured staff that the bank is working to establish a stronger franchise in the longer term, with uncertainty looming over a global review of its operations.
Chief Executive Ulrich Koerner had ordered the review of the bank’s operations after being appointed in late July, the second of its type in two years.
The memo sent by Koerner and Chairman Axel Lehmann said that a “heightened level of media and market speculation” regarding the review had caused concern among the bank’s staff and clients, and sought to ease any fears.
“When we launched our strategic review, we committed to an ambitious timeline whilst also making it clear that we would carry out a rigorous and diligent evaluation of all options for Credit Suisse,” the note said.
“We want to establish a clear path for the bank that will strengthen our franchise for the long term. This process requires time and a significant effort from many parts of the organization.”
A Credit Suisse spokesperson confirmed the contents of the memo.
The investment bank is said to be considering a number of different options, including the drastic move of largely exiting the US market, something a bank spokesman was forced to deny.
Credit Suisse has reportedly sounded out investors about a possible capital raising as it attempts a radical overhaul of its investment bank.
The review’s findings will be published on October 27th when the bank releases its third-quarter earnings.