Credit Suisse, two years into a belt-tightening turnaround plan, splurged a bit last month in Texas.
Bloomberg News reports that while other big banks coughed up to attend the CERAWeek by IHS Markit conference, the energy industry’s biggest annual confab, the bank was the only one that officially sponsored the show in Houston. It shelled out a few hundred thousand dollars, scoring a hospitality suite for schmoozing executives as well as a choice panelist seat on day one of the conference.
Sponsoring CERAWeek – the oil patch’s equivalent to airing a Super Bowl commercial – underscored the bank’s affinity for its oil and gas team, which has been a bright spot amid trading losses, costly lawsuits and other woes.
In the meantime, Reuters reports that Credit Suisse Chairman Urs Rohner faces his toughest shareholder meeting to date this week following an investor revolt over bonuses and losses totalling 5.65 billion Swiss francs (4.43 billion pounds) since 2015.
Rohner, 57, is facing calls to stand down after six years as chairman, during which time the share price of Switzerland’s second-biggest bank has more than halved to around 15 francs.
“Trust in the bank actually is at rock bottom if we look at the share price since Urs Rohner took office in 2011,” said Vincent Kaufmann, whose Swiss shareholder advisory group Ethos opposes Rohner’s re-election at Friday’s annual general meeting.