Credit Suisse to focus on boosting wealth management profits

Credit Suisse has promised to increase its profits from wealth
management by at least a quarter by 2023 and expand its investment bank as chief executive Thomas Gottstein laid out his priorities.

In an investor update on Tuesday, the Swiss bank outlined its main areas of focus for the next three years.

Those priorities include building up its trading and investment banking business and achieving a return on tangible equity of 10 to 12 per cent.

The group also said it would increase its dividend by 5 per cent per year and restart a SFr1.5bn ($1.7bn) share buyback plan.

Mr Gottstein was appointed earlier this year following the departure of Tidjane Thiam. Credit Suisse also announced this month that António Horta-Osório, who is chief executive of Lloyds Bank in the UK, would become chairman next year.

Mr Gottstein said: “We continue to believe wealth management is one of the most attractive segments in financial services, notably in Asia Pacific, and we also expect to further expand the connectivity between our investment bank and the wealth management-related divisions.”

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