As someone who’s driven in the Beijing to Paris rally in a vintage Porsche, Ulrich Koerner knows all about staying the course. But the new boss of Credit Suisse seems to have had enough of the Swiss giant’s investment bank.

The gloves are finally off in Zurich. After years of past chief executives tinkering at the edges of a misfiring machine that lost $US1 billion ($1.45 billion) in the first six months of 2022, bankers now fear a torching of much of the division. Credit Suisse’s decades of duelling with the titans of Wall Street for a place among the bulge-bracket investment bank elite are potentially over.

Bloomberg