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Credit Suisse: New CEO hints at capital-raising

Tidjane Thiam, the new chief executive of Credit Suisse, has told CNBC it "may need" fresh capital to help address its issues.

Switzerland's second-biggest bank reported better-than-expected profits for the second quarter on Thursday, ahead of an expected shake-up by Thiam, who has just joined from U.K. insurer Prudential.

Thiam told CNBC he couldn't say yet whether the bank needs fresh capital, but added: "Capital is very important. There are issues we need to address.

"Fundamentally I am a great believer in self-help – primarily cost-cutting and disposals. Then we need to look at our needs for growth, and that equation will determine whether we need to go for additional capital."

"There are issues we need to address, we do have areas where we need capital...We may need to call for additional capital."

The Zurich-based bank reported net income for the three months to June 30 of 1.1 billion Swiss francs ($1.15 billion), compared to a 700 million franc loss over the same period last year after settling with the U.S. over tax evasion allegations.

The national flag of Switzerland flies above the entrance to a Credit Suisse bank branch in Bern, Switzerland, May 20, 2014.
Philipp Schmidli | Bloomberg | Getty Images
The national flag of Switzerland flies above the entrance to a Credit Suisse bank branch in Bern, Switzerland, May 20, 2014.

Analysts polled by Reuters had expected Credit Suisse to post profit of 783 million francs.

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The bank reaffirmed its targets for the full year. Thiam is expected to announce more details of his new strategy for the bank by the end of the year.

"Dropping answers from the top is not my management style. I want to build a team and have something we can collectively develop," he told CNBC.

"The key thing is to look at the Asian model we have of the one bank, where private banking and investment banking work together."

This strategy could include bolstering its asset management business through acquisition, according to a report in the Financial Times Thursday.

Shares of Credit Suisse soared on Thursday to close more than 6 percent higher, at the top of the Swiss SIX index.

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