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

CREDIT SUISSE GROUP AG

(CSGN)
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Credit Suisse : targeting savings of 2% to 3% per year

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08/01/2020 | 04:04am EDT
Logo of Swiss bank Credit Suisse is seen in Basel

Credit Suisse CEO Thomas Gottstein wants to cut costs by 2% to 3% each year, he said in an interview published on Saturday, with savings put back into the bank's business.

"Basically, like in the automotive industry, we want to be 2-3% more efficient every year," he told Swiss newspaper Finanz und Wirtschaft.

With costs of around 17 billion Swiss francs ($18.63 billion), this meant around 400 million francs in annual savings, he said after Credit Suisse announced an overhaul of its investment bank and beat profit forecasts in its results on Thursday.

"We look at where there are duplicates and inefficiencies that can be remedied without compromising," said Gottstein, citing the example of merging the risk and compliance functions.

The rest of the savings would come from other group-wide functions, as well as its business in wealth management, Asia, and reducing the branch network in Switzerland.

"With higher digitisation and automated processes, we can basically get even more out of it. However, we will reinvest all of these savings in the business," said Gottstein, who took over as CEO from Tidjane Thiam in February.

Looking ahead, Gottstein said the bank's M&A business was only seeing a slow pick-up in activity, but he expected high market volatility to continue which was good for the bank's trading business.

"I am also convinced that the capital market will continue to be active. Companies have to refinance themselves, many through capital increases," he told the newspaper.

"And as far as private banking is concerned, we were able to increase sales in the first half of the year by 4% and even currency-adjusted by 7%, which is very solid in this environment. So I'm a little more optimistic here."

($1 = 0.9127 Swiss francs)

(Reporting by John Revill; editing by Jason Neely)

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Financials
Sales 2020 21 750 M 23 571 M 23 571 M
Net income 2020 3 054 M 3 310 M 3 310 M
Net Debt 2020 - - -
P/E ratio 2020 7,52x
Yield 2020 3,00%
Capitalization 22 666 M 24 874 M 24 564 M
Capi. / Sales 2020 1,04x
Capi. / Sales 2021 1,06x
Nbr of Employees 48 800
Free-Float 95,2%
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 11,92 CHF
Last Close Price 9,71 CHF
Spread / Highest target 75,0%
Spread / Average Target 22,7%
Spread / Lowest Target -26,4%
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Managers
NameTitle
Thomas Gottstein Chief Executive Officer
Urs Rohner Chairman
James Walker Chief Operating Officer
David Richard Mathers Chief Financial Officer
John Ivan Tiner Independent Non-Executive Director
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