Credit Suisse postpones 10%-12% return on tangible equity ambition
FILE PHOTO: The logo of Swiss bank Credit Suisse is seen in Bern
ZURICH (Reuters) – Credit Suisse on Tuesday reiterated its key financial ambition for a 10%-12% return on tangible equity in the medium term but avoided re-committing to the 10% goal previously set for this year.
Switzerland’s second-biggest bank also laid out plans to boost growth in wealth management, aiming to grow wealth-related pre-tax profit to 5.0 – 5.5 billion Swiss francs ($5.64- $6.20 billion) by 2023 or approximately 10% annually, as well as investment banking.
It said it expected to turn around its asset management business in 2021 by focusing more on alternative and private market offerings, and those related to sustainable investing.