BERLIN (Reuters) - Credit Suisse CSGN.VX may face more structural changes after a current plan to shrink investment banking and cut costs, Chief Executive Tidjane Thiam was quoted as saying by Finanz und Wirtschaft newspaper on Friday.
Switzerland’s second-largest bank said this week it plans to raise 6 billion Swiss francs ($6.1 billion) from investors, trim its investment bank and cut jobs as Thiam embarks on the biggest revamp of the lender in almost a decade.
Asked in an interview with the Swiss newspaper whether the current changes will be followed by further restructuring, Thiam said: “You are cutting right to the chase of the matter.”
“It’s a two-step process. One grows, raises earnings and with this, one gets a free hand to do something else. There is no other way around,” the CEO said.
Separately, Thiam said he had no plans to sell Credit Suisse’s domestic Swiss bank after floating shares in the unit.
“Internationally speaking, the Swiss business is the most underestimated part of Credit Suisse and the share sale will reveal its value,” he said.
($1 = 0.9797 Swiss francs)
Reporting by Andreas Cremer; editing by David Clarke