Credit Suisse investor loses faith in management over cash outflows
Credit Suisse’s senior management has lost the confidence of investors after revealing cash outflows had persisted despite signalling they had stabilised, one of Germany’s top investment managers told Reuters on Friday.
Deka Investment, which manages assets worth 367 billion euros ($391.77 billion), said it was concerned that investors were continuing to pull money out of Switzerland’s second-biggest bank.
“The persistent outflows are frightening,” said Andreas Thomae, corporate governance specialist at Deka. “This absolutely has to change.”
Thomae said investors were particularly disappointed that withdrawals had continued after Credit Suisse CEO Ulrich Koerner and Chairman Axel Lehmann had said the situation had stabilised.
“And then we learn that the outflows have slowed down, but are persisting,” Thomae told Reuters. “Unfortunately, the company’s top management has lost confidence among investors as a result.”
Deka, which is owned by Germany’s unlisted savings banks, holds a stake of 0.02% in Credit Suisse, according to Refinitiv data. The investment is mainly in the form of indexed-linked funds.
This report’s information was first seen on ZAWYA; to read more, click this link
You must be logged in to post a comment.