Logo of Swiss bank Credit Suisse is seen at a branch office in Luzern, Switzerland October 19, 2017. REUTERS/Arnd Wiegmann
November 30, 2017
ZURICH (Reuters) – Credit Suisse <CSGN.S> on Thursday announced ambitions to pare costs beyond 2018, as Chief Executive Tidjane Thiam builds on a revamp of the Swiss lender the bank says will be completed that year.
In a statement ahead of its investor day, Credit Suisse said it is aiming for a return on tangible equity of 10-11 percent in 2019 and 11-12 percent in 2020.
This is the first time it has announced such goals since Thiam’s restructure – which has refocused the bank more towards wealth management and less on volatile investment banking – began in late 2015, and represents a major rise from the 4.1 percent return posted in the first nine months of 2017.
It confirmed 2018 targets for all its units.
(Reporting by Brenna Hughes Neghaiwi; editing by Michael Shields)
