10 Persuasive Writing Techniques To 10X Your Marketing Copy

Persuasion is a powerful word for anyone in the marketing space. The ultimate goal of your marketing, after all, is to persuade people to buy from you. But how do you persuade people when everyone seems to sell them something? What tools do you have at your disposal to make your writing more persuasive?

Today, I want to answer all these questions for you by first showing you the persuasion strategy a Nobel-winning laureate developed that will transform the way you write your copy.

Then, I want to share my favorite ten persuasive techniques that will 10x your copy fast.

Let’s get started.

What Is Persuasive Writing?

Persuasive writing is a method that leverages human biases to make a message more attractive in the eye of the recipient.

How to Be Persuasive: A Psychological Explanation

If I asked you whether you are a rational or an irrational person, what would you say? Most likely, you’d pick the former. Sure, you can get emotional every so often, but most likely, you are in charge of your emotions, thoughts, and actions.

Other people are dumb and irrational, but you’re not. You’re different. In reality, all humans fall for the same irrational behaviors and thinking patterns. We consistently make cognitive mistakes that go against our self-interest, despite our deepest efforts not to make them.

Consider smoking: every smoker knows he should stop doing it, but they can’t stop. Most smokers want to quit, but their addictions are simply too strong. It’s not that they can’t stop; it’s that they won’t. We can say the same of highly indebted people; these are people who have maxed out their cards, yet they keep buying shit they don’t need.

Before the 1970s, economists used to think people were rational. Every decision people took was in favor of maximizing their utility—whether that was comfort, health, money, or anything else. Leave people be people, and they’ll do fine. If only it were so easy.

From the 70s onwards, some fringe economists started to question the normative view of human behavior in favor of a more descriptive one; a theory that could explain, for example, why people who win three bets in a row at the casino think they have a higher likelihood of keeping their winning streak, despite having no probabilistic (i.e., rational) reason to believe so. “They’re idiots,” you’d say, but it’s more than that. It’s that they’re humans; they can be irrational when given a chance.

I won’t dwell on the details of their “prospect theory,” as explained in their seminal paper of the same name, but on another part of their extensive theoretical bibliography, one that focuses on the way humans think. According to Kahneman, who wrote the best-selling book Thinking, Fast and Slow based on his extensive research with Tversky, humans think through a pair systems:

  1. The “Automatic System.”
  2. The “Reflective System.”

In Kahneman’s words:

System 1 operates automatically and quickly, with little or no effort and no sense of voluntary control.

System 2 allocates attention to the effortful mental activities that demand it, including complex computations. The operations of System 2 are often associated with the subjective experience of agency, choice, and concentration.

While both systems work in tandem, more often than not, system 1 takes over the system 2, without us realizing it, making us do things we often can’t explain.

When we think of ourselves, we identify with System 2, the conscious, reasoning self that has beliefs, makes choices, and decides what to think about and what to do. Although System 2 believes itself to be where the action is, the automatic System 1 is the hero of the book.

I describe System 1 as effortlessly originating impressions and feelings that are the main sources of the explicit beliefs and deliberate choices of System 2. The automatic operations of System 1 generate surprisingly complex patterns of ideas, but only the slower System 2 can construct thoughts in an orderly series of steps.

The main takeaway from Kahneman’s theory is that as a marketer, your goal is to work with your prospect’s system 1. This system is what influences the rationale of your prospects, whether they’re aware of it or not.

If you ever made a purchase where everything “felt” right—a situation in which you didn’t need to be sold anything, you just wanted to buy that product—then your system 1 was influencing your system 2, thus overriding any second thought you may have had against that purchase.

System 1 continuously generates suggestions for System 2: impressions, intuitions, intentions, and feelings. If endorsed by System 2, impressions and intuitions turn into beliefs, and impulses turn into voluntary actions.

When all goes smoothly, which is most of the time, System 2 adopts the suggestions of System 1 with little or no modification. You generally believe your impressions and act on your desires, and that is fine—usually.

What I’m covering is just a tiny piece of Kahneman and Tversky’s theories; there’s a whole lot more to write about how both systems work and how biases influence people’s thinking.

For now, I want you to remember this:

The entire list of persuasive techniques featured in this article focus on leveraging your prospect’s system 1. If you use these persuasive techniques in your writing or advertising, you’ll be persuasive.

Let’s now take a quick look at a simple persuasion strategy you can use and adapt within your marketing campaigns.

A Simple Persuasion Strategy

To use the persuasion strategies laid below, you want to have a strategy that helps you tie all of them together in a logical fashion.

To this extent, I’ll use Roger Dooley’s Persuasion Slide, which he structured in the following way: Here’s how this slide works:

  1. You start by giving a “nudge” to your visitors by having them pay attention to an ad, an offer, or something of value.
  2. Then, you leverage the target’s internal motivation—the gravity; and,
  3. You add additional motivation—your angle.
  4. Both things allow you to overcome resistance—friction—and get to your ultimate goal, which can be a purchase, a subscription, or anything else.

The ten persuasion writing techniques you’ll see below will touch in any of the four elements of the persuasion slide. Whenever you pick one of the techniques, you’ll be affecting of these four elements.

Whatever technique you pick, make sure to remember the ultimate goal: having your visitor continue down the slide. And yes, the following list of persuasive writing techniques will work with your prospect’s system 1. I didn’t forget about that.

Without further ado, let’s dive deep into the ten techniques that will show you how to write persuasively…...Continue reading..

Ivan Kreimer profile photo

 

By: Ivan Kreimer

Source: 10 Persuasive Writing Techniques to 10X Your Marketing Copy

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Related contents:

Orality and Literacy: The Technologizing of the Word. London: Methuen. ISBN 9780415027960.Haas, Christina. (1996). Writing technology: Studies on the materiality of literacy. Mahwah, NJ: L. Erlbaum Associates.

Institutional Ethnography: A Sociology for People. Lanham, MD: Rowman & Littlefield. pp. 105–108. ISBN 978-0-7591-0502-7.Anderson, Jack. (2008). “The Collection and Organization of Written Knowledge.” In Handbook of Research on Writing, ed. Charles Bazerman, New York: Lawrence Erlbaum Associates, 177-190.

A Short History of the World. p. 41.Bazerman, Charles (2013). “Literacy and the Organization of Society”. A Theory of Literate Action, Vol. 2 (PDF). Anderson, SC: Parlor Press. p. 193. ISBN 978-1-60235-477-7. Archived (PDF) from the original on 22 August 2020. Retrieved 27 August 2020.

“Endangered Literacies? Affordances of Paper-Based Literacy in Medical Practice and Its Persistence in the Transition to Digital Technology”. Written Communication. 34 (4): 359–386. doi:10.1177/0741088317723304. ISSN 0741-0883. S2CID 149050969.

The World’s Writing Systems. Peter T. Daniels, William Bright. New York: Oxford University Press. 1996. pp. 3–4. ISBN 0-19-507993-0. OCLC 31969720. Archived from the original on 30 July 2022. Retrieved 7 July 2022.

“The Khipu Database Project”. Archived from the original on 22 July 2011. Retrieved 2 November 2008.Chandler, Daniel (1990). “Do the write thing?”. Electric Word. 17: 27–30.Chandler, Daniel (1992). “The phenomenology of writing by hand”. Intelligent Tutoring Media. 3 (2/3): 65–74. doi:10.1080/14626269209408310.

Wilford, John Noble (15 September 2006). “Writing May Be Oldest in Western Hemisphere”. The New York Times. Archived from the original on 27 July 2018. Retrieved 30 March 2008. A stone slab bearing 3,000-year-old writing previously unknown to scholars has been found in the Mexican state of Veracruz,

Oldest’ New World writing found”. BBC. Archived from the original on 3 April 2008. Retrieved 30 March 2008. Ancient civilisations in Mexico developed a writing system as early as 900 BC, new evidence suggests.Rodríguez Martínez, Maria del Carmen; et al. (2006).

“Oldest Writing in the New World”. Science. 313 (5793): 1610–1614. Bibcode:2006Sci…313.1610R. doi:10.1126/science.1131492. PMID 16973873. S2CID 35140904. Archived from the original on 30 March 2008. Retrieved 30 March 2008. A block with a hitherto unknown system of writing has been found in the Olmec heartland of Veracruz, Mexico.Saturno, William A.; David Stuart; Boris Beltrán (3 March 2006).

“Early Maya Writing at San Bartolo, Guatemala”. Science. 311 (5765): 1281–1283. Bibcode:2006Sci…311.1281S. doi:10.1126/science.1121745. PMID 16400112. S2CID 46351994. Archived from the original on 30 July 2022. Retrieved 29 November 2019.

“Ancient writing found in Turkmenistan”. BBC. 15 May 2001. Archived from the original on 7 December 2008. Retrieved 30 March 2008. A previously unknown civilisation was using writing in Central Asia 4,000 years ago, hundreds of years before Chinese writing developed, archaeologists have discovered.  

The Cambridge History of Ancient China. Cambridge: Cambridge University Press. pp. 74–123. ISBN 978-0-521-47030-8.“Archaeologists Rewrite History”. China Daily. 12 June 2003. Archived from the original on 26 October 2018. Retrieved 4 January 2012.Rincon, Paul (17 April 2003).

“‘Earliest writing’ found in China”. BBC News. Archived from the original on 20 March 2012. Retrieved 4 January 2012. Signs carved into 8,600-year-old tortoise shells found in China may be the earliest written words, say archaeologistsGoldwasser, Orly. “How the Alphabet Was Born from Hieroglyphs”, Biblical Archaeology Review, Mar/Apr 2010

“Cretan writing in the second millennium B.C.” World Archaeology. 17 (3): 377–389. doi:10.1080/00438243.1986.9979977. S2CID 163509308. Archived from the original on 30 July 2022. Retrieved 29 November 2019.Whitehouse, David (1999). “

‘Earliest writing’ found Archived 2 February 2020 at the Wayback Machine” BBCFarrell, William J. (1992). “The Power of Writing”. The WAC Journal. 3 (2): 1–3. doi:10.37514/WAC-J.1992.3.2.02. ISSN 1544-4929.

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Thinking About Taking Year End Tax Losses? Don’t Make These Mistakes

Given the stock market’s performance this year, you may be thinking about taking some losses—otherwise known as tax loss harvesting. It’s a good strategy when investments in a taxable account decline, but you want to avoid some traps.

Tax loss harvesting is simply selling investments in taxable accounts that have paper losses so the loss becomes tax deductible.On your tax return, capital losses first offset any capital gains you have for the year. Each dollar of taxable loss you recognize allows you to recognize a dollar of capital gains tax free.

If capital losses for the year exceed capital gains, up to $3,000 of excess losses can be deducted against the other income on your tax return. When capital losses for the year exceed capital gains plus the $3,000 deduction, the excess losses can be carried forward to future years to be used in the same way.

Selling a losing investment can shelter other gains or types of income from income taxes and frees up the capital to be invested in something else.

Of course, you probably purchased the investment because you expected it to appreciate. If you still like the investment’s longer term prospects, you can buy it back after selling it. But you have to avoid the wash sale rule.

The wash sale rule says you have to wait more than 30 days (not 30 days—more than 30 days) to repurchase the investment or a substantially identical one. If you don’t wait long enough, the loss isn’t deductible. It’s added to the basis of the new investment and effectively the deduction is delayed until that investment is sold.

The wash sale rule also applies if you bought the substantially identical investment 30 days or less before you sold the losing investment.

So, the first rule is to avoid buying a substantially identical investment within 30 days of selling the investment.

You can buy an investment that isn’t substantially identical within 30 days of the sale. For example, you can sell one tech stock and purchase a different tech stock, even one in the same sector. Or sell a biotech stock and buy shares in a biotech ETF.

Another action you can’t take is to buy a substantially identical investment in an IRA or 401(k). The IRS ruled some years ago that the wash sale rule is violated when an individual investor sells an investment in a taxable account and within 30 days buys the same investment in an IRA or 401(k). It’s one case when the IRA isn’t treated as a separate taxpayer.

Here’s a related point. When you have a losing investment in an IRA, you won’t be able to deduct the loss on your individual tax return. A loss in an IRA is deductible only in the rare case when you fully distribute all your IRAs of the same type (traditional or Roth), and the proceeds are less than your aggregate cost basis in the IRAs.

Source: Thinking About Taking Year End Tax Losses? Don’t Make These Mistakes

Critics by Hayden Adams

Tax-loss harvesting—offsetting capital gains with capital losses—can lower your tax bill and better position your portfolio going forward. Even in the best of times, not every investment will be a winner. Fortunately, a losing investment does have a silver lining: You may be able to use your loss to lower your tax liability and better position your portfolio going forward. This strategy is called tax-loss harvesting, and it’s one of the many tax-smart strategies that investors should consider.

Tax-loss harvesting generally works like this:

  1. You sell an investment that’s underperforming and losing money.
  2. Then, you use that loss to reduce your taxable capital gains and potentially offset up to $3,000 of your ordinary income.
  3. Finally, you reinvest the money from the sale into a different security that meets your investment needs and asset-allocation strategy.

The general principle behind tax-loss harvesting is fairly straightforward, but it’s best to plan your strategy to avoid some common pitfalls.

The basics of tax-loss harvesting

Imagine you’re reviewing your portfolio, and you see that your tech holdings have risen sharply while some of your industrial stocks have dropped in value. As a result, you now have too much of your portfolio’s value exposed to the tech sector. To realign your investments with your preferred allocation, you sell some tech stocks and use those funds to rebalance. In the process, you end up recognizing a significant taxable gain.

This is where tax-loss harvesting comes in. If you also sell the industrial stocks that have declined in value, you could use those losses to offset the capital gains from selling the tech stocks, thereby reducing your tax liability.

In addition, if your losses are larger than the gains, you can use the remaining losses to offset up to $3,000 of your ordinary taxable income (for married couples filing separately, the limit is $1,500). Any amount over $3,000 can be carried forward to future tax years to offset income down the road.

For example, let’s say you recognize a gain of $20,000 on a stock you bought less than a year ago (Investment A). Because you held the stock for less than a year, the gain is treated as a short-term capital gain and will be taxed at the higher ordinary-income rates rather than the lower long-term capital-gain rates, which apply to investments held for more than a year.

At the same time, you also sell shares of another stock for a short-term capital loss of $25,000 (Investment B). Your $25,000 loss would offset the full $20,000 gain from Investment A, meaning you’d owe no taxes on the gain, and you could use the remaining $5,000 loss to offset $3,000 of your ordinary income. The leftover $2,000 loss could then be carried forward to offset income in future tax years. Assuming you’re subject to a 35% marginal tax rate, the overall tax benefit of harvesting those losses could be as much as $8,050. Let’s take a look at how this works.

Using an investment loss to lower your capital-gains tax

By offsetting the capital gains of Investment A with your capital loss of Investment B, you could potentially save $7,000 on taxes ($20,000 × 35%). Because you lost $5,000 more than you gained ($25,000 – $20,000), you can reduce your ordinary income by $3,000, potentially lowering your tax liability an additional $1,050 ($3,000 × 35%) for a total savings of $8,050 ($7,000 + $1,050). You could then apply the remaining $2,000 of your capital loss from Investment B ($5,000 – $3,000) to gains or income the following tax year.

Issues to consider before utilizing tax-loss harvesting

As with any tax-related topic, there are rules and limitations:

  • Tax-loss harvesting isn’t useful in retirement accounts, such as a 401(k) or an IRA, because you can’t deduct the losses generated in a tax-deferred account.
  • There are restrictions on using specific types of losses to offset certain gains. A long-term loss would first be applied to a long-term gain, and a short-term loss would be applied to a short-term gain. If there are excess losses in one category, these can then be applied to gains of either type.
  • When conducting these types of transactions, you should also be aware of the wash-sale rule, which states that if you sell a security at a loss and buy the same or a “substantially identical” security within 30 days before or after the sale, the loss is typically disallowed for current income tax purposes.

Even if you don’t have capital gains to offset, tax-loss harvesting could still help you reduce your income tax liability.

Let’s say Sofia, a single income-tax filer, holds XYZ stock. She originally purchased it for $10,000, but it’s now worth only $7,000. She could sell those holdings and take a $3,000 loss. Then, she could use the proceeds to buy shares of ZYY stock (a similar but not substantially identical stock) after determining that it’s as good as or better than XYZ, given her overall investment goals and objectives.

Sofia could use the $3,000 capital loss from XYZ to reduce her taxable income for the current year. If her combined marginal tax rate is 30%, she could receive a current income tax benefit of up to $900 ($3,000 × 30%). She could then turn around and invest her tax savings back in the market. If she assumes an average annual return of 6%, reinvesting $900 each year could potentially amount to approximately $35,000 after 20 years.

Harvesting losses regularly and proactively—when you rebalance your portfolio, for instance— can save you money over the long run, effectively boosting your after-tax return.

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Wave Of High-Profile Tech Layoffs Raises Fear Of Recessions–And Stalled Careers–Past

If you’ve been on LinkedIn recently, you’ve likely seen posts about someone being laid off or having a dream job offer rescinded, often by a high-profile, once hot startup. According to the tracker Layoffs.fyi, so far this year, 349 startups have laid off more than 53,000 employees.

Startups looking at the prospect of falling venture capital valuations are scrambling to conserve the cash they have. Just yesterday, OpenSea, the early leader in the once bubbly non-fungible token (NFT) market, cut 20% of its workforce. Earlier this month, virtual office startup Gather let a third of its 90 employees go. Last month, high-flying ID verification unicorn Socure laid off 13% of its employees.

And it’s not just startups. Coinbase, the nation’s largest cryptocurrency exchange, laid off 1,100 employees and rescinded some job offers. Elon Musk’s Tesla is cutting 3.5% of its workforce. Meta has plans to slash hiring of engineers this year by at least 30%.

While most of the layoff news has come from tech companies, the mortgage industry, too, has been slashing away as higher interest rates crush mortgage volume. This week loanDepot disclosed plans to eliminate thousands of jobs. Real estate companies RedFin and Compass have cut about 450 jobs each, and PIMCO-backed First Guaranty Mortgage Corporation let go of more than 75% of its workforce in June, before filing for a chapter 11 bankruptcy a week later.

Despite such high-profile layoffs, unemployment remained at a low 3.6% in June as the economy added 372,000 jobs. Moreover, interviews with recent job–or job offer–losers, as well as hiring managers, suggest that so far at least, most of those cut are landing on their feet with new offers.

Yet the sense of dread is unmistakable, with more consumers now pessimistic than optimistic about the short-term labor market, according to the Conference Board. And the layoffs could just be getting started: Oracle recently considered letting go of thousands of employees as early as August.

“In the tech industry, this is dejà vu all over again,” observes economist Anthony Carnevale, who has been involved with employment and education policy for four decades and is now director of the Georgetown University Center on Education and the Workforce. “This is pretty much precisely what happened in the late 1970s, early 80s, when technology was not penetrating American industry rapidly enough and [former Fed Chair] Paul Volcker put on the brakes. We get high interest rates, high unemployment rates, and basically that shuts down technology investment and secondly, it chokes the industry.”

Given the current low unemployment rates, Carnevale adds, it’s still a question whether the slowdown will ultimately “create dislocation of substantial sorts in tech or any other industry.” His answer? “Yes and no,” he says. “The yes is yes, specific technology-based industries might be affected, interest rates being the culprit here. But what we’re seeing in the churn is that people who are seeking jobs are getting jobs. And we haven’t come to the point yet where it’s a classic recession…in which people don’t get jobs.” He noted that in general, wages are increasing — though those increases are generally offset by inflation.

“So what does that mean going forward? It may mean a slowdown in startups and in the expansion of particular technology companies, in even the overall industry if it’s strong enough, but so far, it has not meant that people can’t find jobs,” Carnevale said. “And it does not reflect on the possibilities for college graduates, at least so far, we don’t really see that.”

Indeed, a recent survey of almost 200 employers by the National Association of Colleges and Employers found that almost 90% of respondents will be hiring new graduates for both full-time and intern/co-op positions — up from last spring’s figure of 83%.

But while early-career recruiting is still strong, it can’t erase the memory of what happened in the wake of the Great Recession, with its large jobs loss and unusually slow recovery. Some new grads caught in the undertow experienced what economists call “permanent scarring”—meaning poor economic conditions when they graduated from college contributed to a long-term reduction in their employment prospects.

Again, that’s the scary prospect, but not, as of now, the reality.

Aidan Deery, associate director at the global talent partner X4 Technology, reports that among tech companies, “largely, everyone is still hiring” and “the demand for experienced professionals is at an all-time high.” He adds that those laid off from crypto companies like Coinbase are generally “very employable” and “highly sought after in the finance and technology world.”

Danny, 23, whose last name and former employer are not being included due to a nondisclosure agreement he signed, was let go in June from his engineering job at a sales productivity company. “I know I’ll be able to find a job,” he said, estimating that of the roughly 30 jobs he applied to since being laid off, 8-10 got back to him. “Three of them actually were like, ‘Yeah, just kidding, we’re not hiring for this role.’” Some of the other companies he started interviewing with stopped the process because of hiring freezes. However, Danny has already turned down one offer for reasons including the pay, and says he is still being picky in his job search.

Curio Health, a startup working to improve remote patient care, is among the companies still hiring. CEO Yuchen Wang worries that layoffs among startups may encourage job seekers to look to more established companies for future opportunities, but insists startups will retain their appeal because, “you take a broader responsibility, and you can grow faster and learn more.”

Wang has seen both sides of this job-cutting drama. He himself lost his job in 2001, shortly after earning a Masters in computer science at Georgia State, and in a later role, had to lay off employees himself because a contract did not pan out as well as expected. “These things kind of happen, even if you do everything 100% perfectly,’’ he says. “Treat it as a new start — there are more opportunities ahead than the one you just lost.”

Still, for some job-losers, the new start carries a unique challenge–one imposed by the U.S.’ dysfunctional system for retaining foreign tech talent. Twenty-seven-year-old software developer Amitesh Singh Baghel was laid off in late June while on STEM OPT, a visa program allowing graduate international students to gain work experience in the U.S. in their field. The catch: he lost his job as a software engineer at a data security startup before he completed his visa extension — about two weeks before his employment authorization document was set to expire.

He had been offered other jobs while working there but turned them down out of “goodwill” and because his manager, who also was let go, provided good mentorship. “I had other offers coming, but I chose to stay ignoring the red flags,” such as a manager being fired and not replaced, he said.

“I tried to negotiate. I was like, ‘Instead of giving me the severance pay, keep me on the payroll so that I can finish with the extension process and I’ll still work,’” he said. “I offered them a solution…but they didn’t want to do the extra work, which is understandable. I mean, it’s not their problem.”

And then there’s the experience of Jenna Radwan, 22, who recently earned her BS in Entrepreneurship & Innovation at the University of San Francisco. She originally accepted a job at San Francisco-based startup Hirect, which helps other tech startups recruit and hire. When she heard Hirect would pay her a base salary of $80,000 plus uncapped commission that could push her total compensation to a multiple of that, she cut short other interviews to accept the offer, “My ears perked up, my eyes got big, and I didn’t even see any of the other companies as even close competition,” she said.

But two weeks before her start date, Radwan got thrown a curveball. Her offer had been rescinded “due solely to the current unforeseen circumstances & drastic turn in the market.” “Due to the very volatile market conditions, the business & leadership team has decided to halt/freeze all forms of external hiring at this time, and we have entered an immediate hiring freeze and a round of layoffs,” reads an email from a recruiter that Radwan shared on LinkedIn. (A spokesman for Hirect confirmed to the Wall Street Journal that it had rescinded two job offers due to the slump in tech hiring.)

Radwan was “in shock,” but quickly tapped into her network and reached out to recruiters she’d previously been in the process of interviewing with, and ultimately landed a job as a recruiter at Insight Global. “It was a wild ride but I know that I’m exactly where I am meant to be,” Radwan said, adding that she hadn’t really considered her values in terms of a career before then. “I just thought of money, but I realized that you can have money plus other things, like good company culture, like good job security, like good benefits, like good PTO,” she said.

Her advice for recent grads entering the job market amid the growing fear of offers being rescinded? Do your research, ask questions like how the company reacted to COVID in 2020 (i.e. was it quick to lay off workers?), talk to current employees and take time to weigh all your offers.

If you’re looking for an indication of the current gestalt, it may come from Radwan’s new employer. Insight Global is still hiring. But in June, it surveyed 1,000 workers and found 23% were “extremely worried” about losing their job in the next recession. Or, as Insight put it, the “Great Resignation” is giving way to the “Great Apprehension.”

Katherine Huggins

Source: Wave Of High-Profile Tech Layoffs Raises Fear Of Recessions–And Stalled Careers–Past

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Credit Suisse To Tighten The Reins After String of Scandals

Credit Suisse will unveil a new centralized structure on Thursday in an attempt to bring its far-flung divisions to heel and draw a line under a string of scandals that have cost the Swiss bank billions of dollars, two sources said.

Over the past year, Credit Suisse has been fined for arranging a fraudulent loan to Mozambique, tarnished by its involvement with defunct financier Greensill, racked up $5.5 billion in losses when U.S. family office Archegos collapsed, and been rebuked by regulators for spying on executives.

Credit Suisse drafted in seasoned banker Antonio Horta-Osorio as chairman in April to stop the rot and he will lay out his charter to reform Switzerland’s second-biggest bank on Thursday when it presents third-quarter results.

One key change is expected to be the creation of a single wealth management division that caters to a global elite, centralizing oversight at the bank’s headquarters in Zurich, two people familiar with the matter told Reuters.

Under the current structure put in place six years ago, wealth management straddles three divisions: a Swiss business, an Asia-Pacific arm catering mainly to rich Chinese and an international arm based out of Switzerland.

Merging the wealth division would make Credit Suisse simpler and potentially pave the way for cost cuts.It would also rein in local bankers who have enjoyed much autonomy, making them more answerable to senior managers who have often been blindsided by the risks that triggered past scandals, the sources said.

One of the people told Reuters that managers at the bank’s headquarters had become very risk averse and they did not want to give leeway to local bankers, regardless of how much profit they were making. A spokesman for Credit Suisse declined to comment.

Credit Suisse’s financial humiliation stands in stark contrast to its cross-town rival UBS (UBSG.S). In the wake of massive losses and a bailout during the financial crisis, UBS successfully pivoted away from investment banking to wealth management and is now the world’s largest wealth manager with $3.2 trillion in invested assets.

Its shares have climbed 57% in the past 10 years while Credit Suisse has slumped 53% over the same period.Shareholders have deserted Credit Suisse this year following the slew of bad headlines. Its shares are down 12% while UBS is up 36% while Wall Street rivals are riding high on the back of a boom in equity trading and M&A.

Andreas Venditti, an analyst at Swiss private bank Vontobel, said it would take more than “minor changes and a new divisional set-up” at Credit Suisse to reverse the trend.The expected revamp at Credit Suisse has also encouraged some high-profile dealmakers to approach the bank’s senior management to suggest it merges with a rival, another person with knowledge of the matter said.

Those ideas have been rejected so far, however, the person said. Nonetheless, the prospect of a challenge by investors demanding the break-up of the bank, or that its shrinking market value makes it a target for a hostile foreign takeover, have long troubled managers, sources told Reuters earlier this year.

‘WARNING SIGNALS’

With a market value of $28 billion, Credit Suisse is worth less than half of UBS and a fraction of Wall Street giants such as JPMorgan (JPM.N) weighing in at half a trillion dollars. But an approach from the United States would not go down well in Switzerland. Relations between Swiss banks and Washington were damaged when the United States pressured them into giving up their strict secrecy code more than a decade ago.

A combination of Credit Suisse and UBS, which has been touted as an alternative alliance, would face its own problems. For one, it would dominate the Swiss market. Another source said that while Credit Suisse had examined a sale or spin-off of its asset management business, that had been shelved. The person said, however, that once further efforts were made to cut costs and boost growth, a sale, or listing of the business on the market, could be back on the cards.

The bank’s drive to centralize its operations is drawing on lessons from some of its recent failures, including Archegos. Earlier this year, Credit Suisse published a report blaming a focus on maximizing short-term profits and enabling “voracious risk-taking” by Archegos for failing to steer the bank away from catastrophe.

Despite long-running discussions about Archegos – by far the bank’s largest hedge fund client – Credit Suisse’s top management were apparently unaware of the risks it was taking.

The bank’s chief risk officer and the head of its investment bank recall hearing about it first only on the eve of the fund’s collapse. “There were numerous warning signals,” the report said. “Yet the business … failed to heed these signs.”

By and ,

Source: Credit Suisse to tighten the reins after string of scandals | Reuters

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Related Contents:

B. H. Meyer; Hans Dietler (1899). “The Regulation and Nationalization of the Swiss Railways

Hill, Kelly (1999). Cases in Corporate Acquisitions, Buyouts, Mergers, and Takeovers. Gale. ISBN 0-7876-3894-3.

Atkinson, Mark (4 August 2000). “Swiss banks agree $1.25bn Holocaust deal”. The Guardian

Grant, Linda (19 August 1996). “Will CS First Boston Ever Win?”. Fortune. pp. 30–34. Archived from the original

Strom, Stephanie (30 July 1999). “Japan Revokes Credit Suisse Unit’s Banking License”. The New York Times.

Kandell, Jonathan (March 2012). “Swiss Banks Adjusting To Radical New Regulations”. Institutional Investor. Vol. 46 no. 2. p. 33.

Crawford, David (8 November 2012). “Germany Probes UBS Staff on Tax-Evasion Allegations”. The Wall

Owen Walker (30 July 2020). “Credit Suisse launches restructuring after trading profit boost

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