Credit Suisse still needs to get its legacy costs down
Banks are adept at applying a ‘legacy’ label to settlements for misconduct. The fact remains that these costs are material to the shares, both in forfeited cash and as tokens of toxic culture.
The less-quoted second half of Oscar Wilde’s famous saying on imitation describes it as the tribute paid by the mediocre.
Attempts by Credit Suisse and Deutsche Bank to emulate US investment banks backfired spectacularly. Both might now privately yearn to be seen as dull but decent again.
