Print this article

Credit Suisse Chairman Says No Currency Manipulation Evidence Found

Sandra Kilhof

15 October 2013

interest rate-rigging scandal.

However, that is also not an issue that Credit Suisse has partaken in, in any way, said Rohner.

“We have not found the slightest evidence to suggest that we were involved in the fixing of LIBOR interest rates,” he said.

Spotlight on Asian private banking

Meanwhile, Rohner also confirmed the retrenchment of Credit Suisse's investment banking business, alongside the renewed focus on it’s private banking services.

“We have scaled down our investment bank massively. The capital split between the investment bank and wealth management is currently somewhere in the region of 60:40. Our aim is to achieve a 50:50 ratio. If need be, we will close down certain business areas,” he is quoted as having said.

Despite having announced the closure of the firm’s private banking operations in several countries, Credit Suisse is looking to expand this part of the bank significantly in order to generate more income.

“I'm convinced that we will end up with an investment bank that can generate pre-tax income of SFr3-4 billion in good years. We can then use these funds to invest in the growth of our other businesses. In the coming years we will be expanding the global wealth management business in particular,” Rohner explained.

The bank said that emerging markets in Asia particularly, would be its focus for future growth.