As Credit Suisse finalises a much-anticipated restructuring, analysts are crunching the numbers on how much capital the bank may need and suggesting how best to plug that gap.
The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland October 4, 2022. REUTERS/Arnd Wiegmannfinalises a much-anticipated restructuring, analysts are crunching the numbers on how much capital the bank may need and suggesting how best to plug that gap.
"The market wants to see deep cuts made in investment banking so the bank is no longer so dependent on this risky business," Andreas Thomae at asset manager Deka Investment said, adding: "Good capitalisation is critical".A spokesperson for Credit Suisse, which will unveil its strategic review alongside its results on Oct. 27, said it would be premature to comment on any outcome before then.
Jefferies analysts put the more immediate capital need at closer to 4 to 6 billion Swiss francs and expect Credit Suisse to prioritize asset disposals, also highlighting securitised products, as well as potentially a rights issue to fulfil this. "CSG management should look at every option available to avoid a significantly dilutive capital increase - we do not see a capital increase as a given outcome," the JPMorgan note said.
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