BlackRock executive says bank’s business review is about clarity
BlackRock vice-chair Philipp Hildebrand says businss model struggles have haunted the European banking sector for some time. Picture: Bloomberg
“If you want to attract investors, you need to have the right business model. And this review in my mind is all about clarity,” Philipp Hildebrand, vice-chair at the world’s largest asset manager, told Bloomberg Television on Tuesday. “This is what has been in many ways haunting the European banking sector for quite some time.”
Credit Suisse is preparing to unveil a turnaround to investors next week, as the firm looks to simplify operations after scandals and losses. That is likely to include a repair plan for its investment bank, which has been on the ropes since suffering huge losses last year from backing Archegos Capital Management. Several years prior, Deutsche Bank endured its own crisis which forced a capital raise.
“Credit Suisse is still in most indices, and therefore many of our clients are still invested. I would also say that I’m sure many feel this is an attractive level to re-enter,” Hildebrand said in response to a question about why BlackRock is still invested in the Swiss lender.
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