When you are admittedly not great at tracking and monitoring risk or, you know, those employees inclined to, um, allegedly bend the rules, perhaps, technology seems a strange place to seek economies. But, you know, Credit Suisse is running out of people and things to cut, and all of those fines, legal judgments and do-gooders aren’t going to pay for themselves—and neither is the bank’s dwindling revenue. And so all of those new compliance and risk-management people are going to have to make due keeping an eye on all Credit Suisse’s bankers are doing with their very rich and sophisticated clients with paper ledgers and slide rules.
At an investors’ session Tuesday, the bank’s new head of technology and operations, Joanne Hannaford, said centralizing costs in her area was shaving around $210 million from her $3.75 billion 2022 budget that would come through in full next year. She said there was room for further annual reductions of another $210 million for a couple more years after that…. The bank’s new wealth head, Francesco De Ferrari, said Tuesday that Credit Suisse would continue to seek ultrarich customers to boost revenue. That is in contrast to UBS, which serves the wealthiest, but is also wooing the not-as-rich through digital platforms such as Wealthfront, which it bought this year.
Also: No questions about the avalanche of shit forcing employees to wade through neck-deep excrement on the Paradeplatz.
There was no update Tuesday on Credit Suisse’s investment-banking business. The slate of legal cases the bank is working through largely stem from that unit and Credit Suisse has been shrinking it over time.
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