CNBC - Finance

Credit Suisse to raise $6B as new CEO rings changes

Credit Suisse, Switzerland’s second biggest bank, is to raise a total of 6.05 billion Swiss francs ($ 6.2 billion) in fresh capital through a rights issue and private placement, as its new chief executive tries to address investors’ concerns.

Tidjane Thiam, brought in as chief executive in July from insurer Prudential, told CNBC the amount was “less than a lot of the numbers I have read”.

“I wanted to take capital off the table, so that when we meet we can talk about the business,” he added

The Zurich-based bank also reported slightly disappointing net income for the three months to September 30 of 779 billion Swiss francs, and core pre-tax profit of 861 million Swiss francs. The bank warned that both wealth management and the investment bank had been impacted by low client activity and adverse market conditions.


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