A new CEO for Credit Suisse
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 27 July 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
Walmart profit warnings shine a light on disparities in US consumer behaviour, the International Monetary Fund slashes its global growth forecast, and Argentines are scrambling to exchange their pesos for dollars on the black market.
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Mentioned in this podcast:
Credit Suisse set to name Ulrich Körner as chief executive
Walmart issues profit warning as soaring inflation hits customers
US consumers are bending but not breaking as prices soar. Can it last?
Argentines turn to black market dollars as crisis worsens
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. The show’s theme song is by Metaphor Music. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.8 | Good morning from the Financial Times. Today is Wednesday, July 27th, |
| 0:13.8 | and this is your FT News Briefing. |
| 0:18.7 | Europe's scandal-prone lender, Credit Suisse, is getting a new chief executive. |
| 0:23.6 | Inflation is forcing consumers to adjust and consumer goods companies are feeling the pressure. |
| 0:29.8 | In Argentina, people are desperately swapping their pesos for dollars and finding all kinds of |
| 0:35.1 | ways to do it. You send a whatsapp message to someone, they tip up at your flat with the dollars, |
| 0:40.7 | what they pop it into an offshore account. I'm Jess Smith, in for Mark Filipino, |
| 0:45.1 | and here's the news you need to start your day. |
| 0:52.5 | Credit Suisse, CEO, Thomas Gottstein is set to leave the bank. His departure marks the end of one |
| 0:58.2 | of the most tumultuous periods in the bank's history. It comes at an awkward time, |
| 1:03.4 | but Credit Suisse has tapped a replacement. Here's the FT's European banking correspondent, |
| 1:08.4 | Owen Walker. So early corner is going to step in as CEO. He is head of the asset management |
| 1:15.4 | business and until a couple years ago was head of the asset management business at Archrival UBS, |
| 1:22.2 | so he's a Swiss national. He's probably seen as a safe pair of hands. That was very much |
| 1:28.2 | Gottstein's calling card, if you like. That was how he was presented. So we will see if this is |
| 1:33.2 | more of the same. So Owen was Gottstein's departure a surprise. I mean, he presided over a lot of |
| 1:38.8 | drama at Credit Suisse. I suppose if you step back a bit, it's not really a surprise. He's going. |
| 1:45.1 | The timing is very strange because they are currently looking for a new chief financial officer, |
| 1:51.5 | the chairman has only been in place for just over six months. It's an entirely new executive |
| 1:57.3 | team and a relatively new board as well, lots of change everywhere. So for the CEO to be going at |
... |
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