António Horta-Osório’s planned overhaul of Credit Suisse is more cultural than structural. That puts the onus on his management skills to bring the crisis-prone Swiss bank back into line with more successful peer UBS.
The new chairman unveiled his strategy alongside strong third-quarter results on Thursday. He told analysts that there were “no quick fixes and a lot more work to do.” Mr. Horta-Osório will shift some capital and reporting lines, but his primary objective is to strengthen the bank’s risk culture while maintaining its entrepreneurial spirit.
