News Analysis
The announcement on Tuesday that troubled bank Credit Suisse plans to sell off a bulk of its securitized assets to Apollo Global Management next year is expected to usher in a new phase of the bank’s reorganization and help shift its focus from high-risk to more traditional areas. But in the absence of changes to its internal culture, Credit Suisse may yet go down the path of failed financial institutions and trigger massive regulatory intervention not unlike what happened in 2008 with the fall of Lehman Brothers, banking experts and analysts have told The Epoch Times.
Recent and ongoing legal and financial problems at Credit Suisse, and the reputational problems that have driven consumers away, reportedly prompted the decision to sell off the assets, slashing its portfolio of securitized products from roughly $75 billion to $20 billion in value….