CEO Tidjane Thiam: «Credit Suisse Still Has a Long Way to Go»

Tidjane Thiam, CEO Credit Suisse (Picture: Keystone)

Tidjane Thiam, CEO Credit Suisse (Picture: Keystone)

Credit Suisse missed expectations in the third quarter of 2016. Despite a high inflow of new money and a profitable investment bank, earnings are below analysts' estimates. The bank has strengthened its capital base.

In Asia-Pacific (APAC) net revenues totaled 917 million Swiss francs in the quarter, representing an increase against both the previous quarter and the same quarter last year, according to the banks latest results.

Asia Pulling its Weight

Wealth Management in APAC produced record net revenues of 346 million francs. Net new assets (NNA) were strong at 4.6 billion francs, and the bank also reached record assets under management (AuM) of 169 billion francs, driven by increased momentum with both ultra-high net worth, or UNHW, and entrepreneur clients.

Credit Suisse said its one-bank integrated coverage model continued to gain traction in these segments, enabling it to deliver bespoke financing, underwriting and advisory services in this target client base.

Geopolitical Uncertainty

Investment banking in the APAC region also delivered stronger revenues in underwriting and advisory driven by entrepreneur clients and improving markets, however equities sales and trading were weaker year-on-year. The bank reported solid fixed income revenues, reflecting strength in financing activities and gains on structured deposits.

«We still have a long way to go in our journey but we are fully mobilized to deliver in challenging market conditions on our key commitments to reduce cost, strengthen our capital base and drive profitable business growth,» said CEO Tidjane Thiam.

 

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