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Credit Suisse reiterates 10%-12% return on tangible equity ambition

Credit Suisse reiterates 10%-12% return on tangible equity ambition

December 15, 2020

ZURICH (Reuters) – Credit Suisse reiterated its key financial target on Tuesday, as Switzerland’s second-biggest bank laid out plans to boost growth in wealth management and investment banking and revamp its asset management business.

“Today, we are outlining … broad-based investment initiatives to accelerate growth in our Wealth Management-related businesses and our Investment Bank,” Thomas Gottstein said in remarks prepared for his first investor outlook presentation as CEO.

“We continue to believe wealth management is one of the most attractive segments in financial services, notably in Asia Pacific, and we also expect to further expand the connectivity between our Investment Bank and the Wealth Management-related divisions. Together, these initiatives should allow us to deliver on our medium-term ambition of a (return on tangible equity) of 10% to 12% in a normalized environment.”

(Reporting by Brenna Hughes Neghaiwi, editing by John Revill)

The post Credit Suisse reiterates 10%-12% return on tangible equity ambition first appeared on One America News Network.

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