Overall the bank’s Switzerland-based clients have remained loyal to the Swiss unit, thanks to continuous communications work carried out by his division, André Helfenstein, CEO of Credit Suisse's Swiss unit said in a«Le Temps» interview.

The bank's Swiss business had been marginally affected by recent scandals, with the main repercussions being a longer recruiting window and missing out on certain contracts it may have won in the past, Helfenstein said.

He countered speculation that the Swiss business could be preparing for a carve-out, saying that the unit depended on the rest of the organization as a whole for wider banking services.

The bank’s decision in February to pack all businesses into a new matrix structure apart from the Swiss unit fueled such speculation, as well as its contrasting solidity and good health compared to the rest of the group.

Swiss Activities

To be sure, Helfenstein’s unit conducted a review of the bank's Swiss activities last summer and although «nothing alarming was found,» improvements were made, he said.

The digital CSX offering launched before the pandemic, currently has 125,000 clients, with a goal of 200,000 by year-end.

Helfenstein did not rule out a further reduction of branches but said that there was a shift to customers using them more for advisory services and less so for transactions.