Credit Suisse : is well on track with its comprehensive strategic review
09/26/2022 | 01:55am EST
Credit Suisse Group is well on track with its comprehensive strategic review
Credit Suisse Group AG today announced that it is well on track with its comprehensive strategic review including potential divestitures and asset sales. The bank will update the market further when it reports third-quarter results on October 27, 2022.
While there has been a heightened level of media and market speculation about the potential outcome over the past days, the bank is committed to providing further details on the progress of the strategic review, including measures to strengthen the wealth management franchise, transform the Investment Bank into a capital-light, advisory-led Banking business and more focused Markets business, evaluate strategic options for the Securitized Products business, which includes attracting third-party capital, as well as reduce the Group's absolute cost base to below CHF 15.5 bn in the medium term, as stated on July 27, 2022.
The Board of Directors and the Executive Board are considering alternatives that go beyond the conclusions of last year's strategic review. The aim is to create a more focused, agile Group with a significantly lower absolute cost base, capable of delivering sustainable returns for all stakeholders and first-class service to clients.
The bank is currently executing on a number of strategic initiatives including potential divestitures and asset sales.
Credit Suisse is one of the world's leading financial services providers. The bank's strategy builds on its core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and asset management capabilities and its strong presence in its home market of Switzerland. Credit Suisse seeks to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. The bank employs more than 50,000 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.
The English language version of this document is the controlling version.
Credit Suisse Group AG published this content on 26 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 September 2022 05:54:06 UTC.