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The News and Media Division of The Insight Partners
Wednesday, 10 Jun 2020 05:00 pm

Credit Suisse CEO sees business 'going in right direction'

Business conditions are improving after a tough start to the year, Credit Suisse Chief Executive Thomas Gottstein said in a presentation released on Wednesday.

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“Those early indications that we have seen now in the last couple of weeks have been actually quite promising and going in the right direction. We clearly had a lot of stress in the system in the second half of March but things really calmed down in April and they continue to be quite robust in May and June,” he said in an audiocast for a Goldman Sachs conference.

“So far, so good. Clearly we expect very bad economic data for Europe and the U.S. for Q2 but overall actually if I speak to my colleagues on the corporate banking side in Switzerland, to my colleagues in investment banking, we actually see high engagement with our clients and that makes me actually feel quite optimistic in the circumstances.”

Increased activity within its private banking business was more than compensating for a reduction in recurring revenues caused by a drop in the level of managed assets, Gottstein said, adding asset levels were now also recovering.

Switzerland’s second-biggest bank was also seeing a “very high degree” of appetite from its corporate customers to refinance themselves either through equity or debt, Chief Financial Officer David Mathers said, adding capital markets activity was picking up across the market.

Gottstein reiterated the bank’s mid-term return on tangible equity target, repeating comments made in April that for 2020, the bank could not commit to its 10% target due to ongoing uncertainty.

The bank still expects to pay the second half of its 2019 dividend in the fourth quarter, and would consider resuming a share buyback suspended during the coronavirus pandemic after seeing the financial results of the second and third quarters, he said, noting decisions on both were still pending.

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Tags Credit Suisse Business Thomas Gottstein Europe Goldman Sachs conference Coronavirus pandemic

Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


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