ZURICH, Could 23 (Reuters) – Credit score Suisse (CSGN.S) Chairman Axel Lehmann reiterated on Monday his assist for Chief Government Thomas Gottstein amid investor unrest over whether or not he’s the suitable man for the job at Switzerland’s second-biggest financial institution.
“I absolutely again him as a result of he’s good,” Lehmann mentioned in an interview with broadcaster CNBC on the World Financial Discussion board annual assembly in Davos, dismissing as “rumours and speculations” speak that Gottstein could possibly be on his means out.
Requested particularly a couple of report that talks had taken place on changing Gottstein, Lehmann mentioned: “I do know that has not taken place, so it’s mistaken.”
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Prime-ten shareholder Artisan Companions instructed Reuters final week that Credit score Suisse ought to begin searching for a brand new CEO, turning into the primary main investor to publicly name for such a transfer on the scandal-hit Swiss financial institution. learn extra
Requested about Credit score Suisse’s comparatively low valuation, Lehmann mentioned the financial institution had gone by means of incremental shake-ups since posting a $5.5 billion loss from the unravelling of U.S. funding agency Archegos final yr.
“The market I believe understands that we do not have a stability sheet or liquidity disaster however the market believes…we’ve got been concerned in too many scandals. What we want is execution of our plans and ensuring hopefully that we get slightly bit out of the information, so no scandal any extra” he mentioned.
“Valuation will step by step come again, however it’s going to take time.”
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Reporting by Michael Shields, modifying by Silke Koltrowitz
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