Business

Credit Suisse reiterates 10per cent-12per cent return on tangible equity ambition

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.

FILE PHOTO: Credit Suisse CEO Gottstein addresses Finanz und Wirtschaft Forum conference in Zurich
FILE PHOTO: Credit Suisse Chief Executive Thomas Gottstein addresses the Finanz und Wirtschaft Forum conference in Zurich, Switzerland September 2, 2020 REUTERS/Arnd Wiegmann/File Photo

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ZURICH: 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 10per cent to 12per cent in a normalized environment."

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

Source: Reuters