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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Credit Suisse Group    CSGN   CH0012138530

CREDIT SUISSE GROUP

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Credit Suisse : investment bank won't shrink more - chairman

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02/11/2019 | 02:23am EST
Chairman Rohner of Swiss bank Credit Suisse addresses annual shareholder meeting in Zurich

(This February 9th story has been refilled to correct share price movement in fourth paragraph)

Asked by Schweiz am Wochenende if the investment bank was tying up too much capital, Rohner said: "No, we see 60 billion Swiss francs (46 billion pounds) in risk-weighted assets as a reasonable size for our trading business. You can hardly run this business with less."

Like bigger rival UBS, Credit Suisse has cut investment banking to focus on wealth management, reducing the financial impact when markets turn volatile.

Rohner, who said Credit Suisse's merger advisory business made it the only European bank able to match up against U.S. rivals, also played down speculation that the bank's low share price could make it a takeover target. The stock fell more than a third last year, but is up 7.7 percent so far this year.

"Banks operate in a very regulated environment. Hostile takeovers are almost ruled out these days," he said.

Asked whether the bank could have foreigners as both chairman and chief executive, the Swiss manager said: "In theory yes, in practice hardly.

"Our name is Credit Suisse, we have 1.5 million customers here, so it makes sense that one of the two top positions is held by someone who speaks our language and knows the country and its culture. The chairman in particular must have good contacts in Swiss politics."

French-Ivorian Tidjane Thiam is chief executive and Rohner said he hoped and expected this to still be the case when Rohner is due to retire in 2021.

"It is very important or us to have a strong leader who has shaped and implemented our restructuring," he said.

Rohner added that nearly everyone wanted an end to negative Swiss interest rates but it did no good to moan about them. "It is to be assumed from today's perspective that we will have very, very low rates for some time still."

(Reporting by Michael Shields; Editing by David Holmes)

Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP 1.29% 11.75 Delayed Quote.8.80%
UBS GROUP 1.96% 12.995 Delayed Quote.5.23%
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Financials (CHF)
Sales 2019 21 802 M
EBIT 2019 5 168 M
Net income 2019 3 487 M
Debt 2019 -
Yield 2019 2,97%
P/E ratio 2019 8,53
P/E ratio 2020 7,22
Capi. / Sales 2019 1,38x
Capi. / Sales 2020 1,33x
Capitalization 30 033 M
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Technical analysis trends CREDIT SUISSE GROUP
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 15,6  CHF
Spread / Average Target 32%
EPS Revisions
Managers
NameTitle
Tidjane Thiam Chief Executive Officer
Urs Rohner Chairman
Pierre-Olivier Marie Bouée Chief Operating Officer
David Richard Mathers Chief Financial Officer
Andreas Niklaus Koopmann-Zulliger Independent Non-Executive Director
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