A Red October to Follow Black September?
Don’t expect a quick pivot for anything short of a Lehman-style financial crisis.
That explains the intense speculation about Credit Suisse that led to the release of a memo from its chief executive officer, Ulrich Koerner, on Friday. The key section reads as follows:
I know it's not easy to remain focused amid the many stories you read in the media – in particular, given the many factually inaccurate statements being made. That said, I trust that you are not confusing our day-to-day stock price performance with the strong capital base and liquidity position of the bank.
It’s never healthy when a CEO has to offer reassurance like this.
John Authers Bloomberg 3 oktober 2022
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