Next quarter, Credit Suisse will unveil the progress of its latest strategic review that includes the goal of lowering its overall cost base.
«In wealth management, Credit Suisse will aim to extend its leadership positions across Switzerland, EMEA, parts of the Americas and APAC,» the bank said in a statement that outlined the broad goals of a strategic review with more details and specific performance goals to be shared during the third quarter results.
Although the investment bank will be a major area for its targeted reduction of the cost base to below 15.5 billion Swiss francs ($16.2 billion), Credit Suisse highlighted that it would still be a business that «complements the growth of the wealth management» as well as the Swiss banking arm.
Staying the Course
Despite the call for a strategic review and a new chief at the top, Credit Suisse’s wealth management business in Asia will likely stay the course.
Its strategy may also be little changed with an investment bank complementary to the private bank backing a continued focus on the ultra-high net worth segment and the delivery of the «one bank» model, as stated by global wealth chief Francesco De Ferrari during the 2022 Investor Deep Dive in June. The latest statement also underlined acceleration of «core high net worth growth to drive recurring revenues», also in line with the investor session last month.
«Since becoming chairman and reviewing the bank’s portfolio with our newly refreshed board of directors, I have come to appreciate the world-class quality of our businesses,» said Credit Suisse chairman Axel Lehmann. «But we need to be more flexible to ensure they have the necessary resources to compete. Our goal must be to become a stronger, simpler and more efficient Group with more sustainable returns.»
