The latest restructuring at Credit Suisse includes a SFr4bn ($4.05bn) capital raising and a redoubled focus on wealth management.
Potential clients are entitled to ask this: how well will you manage my wealth when you have stewarded your own assets so badly?
Many banks boast of building a wealth management franchise. Few have done so globally. Think of Morgan Stanley and UBS, which reallocated capital away from their investment banks. Creditably, their shares trade above their tangible book values. Credit Suisse stock is worth a miserable third of its TBV.
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