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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Credit Suisse Group | NYSE:CS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.8858 | 0 | 01:00:00 |
Media Release
Zurich, December 15, 2020
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Planning significant investments to deliver on our growth ambitions:
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Investment priorities for Wealth Management-related businesses: expand coverage base, enhance client offering, drive business growth
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Investment priorities for global investment banking businesses: drive Global Trading Solutions (GTS), expand Investment Bank offering, invest in M&A
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Infrastructure investments: enhance IT platforms, invest in cloud and automation, drive regulatory agenda
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Sustainability ambitions:
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Establish new Sustainability Advisory Committee at the Board of Directors level
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Commit to develop Science Based Targets within the next 24 months, including our commitment to align our operations and financing to net zero emissions over the coming decades
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Align our financing with the Paris Agreement objective of limiting global warming to
1.5° C |
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Reposition our portfolio to mobilize capital towards our clients’ transitions
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Financial ambitions:
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Increase Wealth Management-related pre-tax income from CHF 4.0 billion in 9M20 LTM, on an adjusted basis and excluding significant items*, to CHF 5.0 billion to CHF 5.5 billion in 2023
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Reconfirm medium-term ambition of a Return on Tangible Equity (RoTE) of 10% to 12%
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Operate with a CET1 ratio of at least 12.5% for at least the first half of 2021 given the ongoing COVID-19 pandemic
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Continue to accrue for at least 5% dividend growth per annum, including with respect to the planned 2020 dividend compared to CHF 0.2776 per share paid this year
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Intend to restart share buybacks in January 2021 of up to CHF 1.5 billion, with at least CHF 1.0 billion, for the full year, subject to market and economic conditions
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Thomas Gottstein, Chief Executive Officer of Credit Suisse Group AG, commented:
“Today, we are outlining our ambitious and achievable growth agenda for 2021 and beyond, including broad-based investment initiatives to accelerate growth in our Wealth Management-related businesses and our Investment Bank, with a commitment to placing Sustainability and our new SRI function at the heart of our strategy. 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. Together, these initiatives should allow us to deliver on our medium-term ambition of an RoTE of 10% to 12% in a normalized environment, subject to market and economic conditions, while maintaining a strong balance sheet.”
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Media Release
Zurich, December 15, 2020
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Media Release
Zurich, December 15, 2020
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More than 90% of employees feel well-supported and informed by management’s response to the COVID-19 pandemic3, which included free antibody testing to employees and extended paid family leave in locations with closed schools
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Leadership in the design and execution of the COVID-19 program sponsored by the Swiss government that ultimately provided CHF 17 billion in financing to Swiss SMEs until its expiration end-July 2020
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Market share gains across various private banking and investment banking products
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Leveraged technology for client engagement, supporting clients’ increasing financing needs and developing innovative Private Markets and Sustainability products
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Successful execution of key strategic initiatives with expected gross savings of approximately CHF 400 million to CHF 450 million from 2022 onwards
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Managed leadership transition and announced Chairman designate, António Horta-Osório, to be proposed for election at the next Annual General Meeting on April 30, 2021
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Paid full 2019 dividend, accruing for 2020 dividend and confirming our 2021 dividend and share buyback plan
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Media Release
Zurich, December 15, 2020
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Expand coverage base
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Pursue selective strategic relationship manager hires and team lift-outs
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Expand product specialists to drive client activation
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Strengthen EMEA mid-market advisory coverage
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Enhance client offering
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Invest in integrated lending solution delivery
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Deepen UHNW offering focused on sustainable solutions and Private Markets
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Build on recently launched CSX digital banking offering
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Drive business growth
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Deepen onshore footprint in faster growing markets
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Accelerate onshore China build-out
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Deliver Wealth Management platform transformation
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Scale existing business, e.g. Asset Management
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Media Release
Zurich, December 15, 2020
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Drive GTS
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Expand financing and structured credit solutions in select markets
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Capitalize on a streamlined, unified platform to enhance delivery of institutional-style solutions to Wealth Management clients
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Expand Investment Bank Markets offering for sophisticated UHNW clients
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Expand Investment Bank offering
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Grow Asset Finance and private credit financing
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Build on our proprietary cross-asset electronic execution capabilities
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Invest in onshore China platform
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Invest in M&A
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Deliver ESG advisory focused on energy transition
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Expand industry coverage to grow share including focus on Technology and Healthcare
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Grow sponsor led M&A share and Private Markets opportunity
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Enhance IT platforms
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Enhance IT platforms across international locations
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Drive further standardization across core platforms
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Build-out data analytics
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Invest in cloud and automation
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Build-out cloud and cyber security
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Drive digitalization and automation to improve productivity
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Enhance digital front-to-back and end-to-end client onboarding
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Drive regulatory agenda
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Invest in climate risk platform
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Deliver Basel IV requirements
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Leverage scalable data platform across Chief Risk and Compliance Officer (CRCO) function
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Media Release
Zurich, December 15, 2020
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Drive our own transition
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Commitment to develop Science Based Targets within the next 24 months, including our commitment to achieve net zero emissions from our financing no later than 2050, with intermediate emissions goals for 2030
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Align our financing with the Paris Agreement objective of limiting global warming to
1.5° C |
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Adapt our culture
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Establish a new Board of Directors’ Sustainability Advisory Committee, including external experts in the field, to cover our ESG strategy and execution
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Reflect our overall Sustainability ambitions across our conduct and culture efforts, including a refined Diversity & Inclusion strategy
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Deliver sustainable investment solutions
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Aim for sustainable investment solutions to be at the core of our offering to wealth management and institutional clients
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Reposition our portfolio to mobilize capital towards our clients’ transitions
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Media Release
Zurich, December 15, 2020
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SUMMARY OF FINANCIAL AMBITIONS OUTLINED AT THE 2020 INVESTOR UPDATE
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Media Release
Zurich, December 15, 2020
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Dial in details
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Time
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13:00 CET / 12:00 GMT / 07:00 EST
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Follow all presentations and the Q&A
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You can follow the 2020 Investor Update either through webcast or telephone, from 13:00 CET / 12:00 GMT / 07:00 EST to 17:45 CET / 16:45 GMT / 11:45 EST.
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Asking questions in the Q&A
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Questions can be asked by investors and analysts only, and solely through telephone. Those who are dialed in through both, webcast and telephone, please mute your webcast when asking a question on the telephone.
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Access
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The webcast will be accessible through this link. For the telephone, please use:
Standard International +44 2030 576 528
Switzerland Local Call +41 44 580 48 67
Switzerland Free Call +41 800 00 00 86
UK Free Call +44 800 279 67 97
USA Free Call +1 866 276 89 33
When dialing in please ask for the “Credit Suisse Investor Update”.
Conference ID: 1789159
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Note
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Due to the large volume of calls expected, we strongly recommend that you dial in 15 minutes before the start of the Q&A session.
All presentations will be given in English.
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Replay
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Telephone replay available approximately 2 hours after the event, until Friday, December 25, 2020, 22:00 CET / 21:00 GMT / 16:00 EST.
International Dial in: +44 3333 00 97 85
Switzerland Local: +41 44 580 40 26
UK Free Call Dial In: +44 808 238 06 67
UK Local Dial In: +44 844 571 89 51
USA Local Dial In: +1 917 677 75 32
Replay ID: 1789159
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Media Release
Zurich, December 15, 2020
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Media Release
Zurich, December 15, 2020
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Media Release
Zurich, December 15, 2020
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Appendix
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Reconciliation of adjustment items | |||||||||||||
Group | |||||||||||||
in | 9M20 | 9M19 | |||||||||||
Adjusted results excluding signficant items (CHF million) | |||||||||||||
Net revenues | 17,168 | 16,294 | |||||||||||
Real estate gains | 0 | (105) | |||||||||||
Adjusted net revenues | 17,168 | 16,189 | |||||||||||
of which gain related to InvestLab transfer | 268 | 327 | |||||||||||
of which Pfandbriefbank gain | 134 | 0 | |||||||||||
Adjusted net revenues excluding significant items | 16,766 | 15,862 | |||||||||||
Provision for credit losses | 958 | 178 | |||||||||||
Total operating expenses | 12,655 | 12,610 | |||||||||||
Restructuring expenses | (107) | – | |||||||||||
Major litigation provisions | (231) | (63) | |||||||||||
Expenses related to real estate disposals | (23) | (51) | |||||||||||
Adjusted total operating expenses | 12,294 | 12,496 | |||||||||||
Income before taxes | 3,555 | 3,506 | |||||||||||
Total adjustments and significant items | (41) | (318) | |||||||||||
Adjusted income before taxes excluding significant items | 3,514 | 3,188 |
Appendix
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Appendix
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1 Year Credit Suisse Chart |
1 Month Credit Suisse Chart |
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