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    CSGN   CH0012138530

CREDIT SUISSE GROUP AG

(CSGN)
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Delayed Swiss Exchange  -  11:31 2022-12-09 am EST
3.141 CHF   +6.76%
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Credit Suisse aims for stronger franchise from global review - memo

09/24/2022 | 09:19am EST
FILE PHOTO: Logo of Swiss bank Credit Suisse is seen in Zurich

HONG KONG (Reuters) - Credit Suisse's top two executives have told staff the bank is working to establish a stronger franchise in the longer term, according to a memo seen by Reuters on Saturday, amid uncertainty over a global review of its operations.

The memo sent by Chairman Axel Lehmann and Chief Executive Ulrich Koerner said a "heightened level of media and market speculation" regarding the review had raised questions among the bank's staff and clients.

Reuters reported on Thursday that Credit Suisse had sounded out investors about a possible capital raising as it attempts a radical overhaul of its investment bank.

Koerner was appointed chief executive in late July and ordered a review of the bank's operations, the second of its type in two years.

"When we launched our strategic review, we committed to an ambitious timeline whilst also making it clear that we would carry out a rigorous and diligent evaluation of all options for Credit Suisse," the note said.

"We want to establish a clear path for the bank that will strengthen our franchise for the long term. This process requires time and a significant effort from many parts of the organization."

A Credit Suisse spokesperson confirmed the contents of the memo.

Various scenarios are under discussion for the investment bank, including the most drastic option of largely exiting the U.S. market, two sources said. A bank spokesman said "Credit Suisse is not exiting the U.S. market."

The review's findings will be published on Oct. 27 when the bank releases its third-quarter earnings, said the memo, first published by Bloomberg News earlier on Saturday.

(Reporting by Scott Murdoch; Editing by David Holmes)

By Scott Murdoch


ę Reuters 2022
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Analyst Recommendations on CREDIT SUISSE GROUP AG
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Financials
Sales 2022 15 520 M 16 645 M 16 645 M
Net income 2022 -4 958 M -5 317 M -5 317 M
Net Debt 2022 - - -
P/E ratio 2022 -2,02x
Yield 2022 1,13%
Capitalization 12 464 M 13 367 M 13 367 M
Capi. / Sales 2022 0,80x
Capi. / Sales 2023 0,72x
Nbr of Employees 51 680
Free-Float 99,0%
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Mean consensus HOLD
Number of Analysts 16
Last Close Price 3,14 CHF
Average target price 4,99 CHF
Spread / Average Target 58,7%
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Managers and Directors
Ulrich K÷rner Group Chief Executive Officer
Dixit Joshi Chief Financial Officer
Axel P. Lehmann Chairman
Joanne Hannaford Chief Technology Officer
Francesca Jane McDonagh Chief Operating Officer
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