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Credit Suisse targets more cost cuts, sets 2019 and 2020 yield goals
November 30, 2017 / 6:33 AM / in 12 days

Credit Suisse targets more cost cuts, sets 2019 and 2020 yield goals

ZURICH, Nov 30 (Reuters) - Credit Suisse on Thursday announced ambitions to pare costs beyond 2018, as Chief Executive Tidjane Thiam builds on a revamp of the Swiss lender the bank says will be completed that year.

In a statement ahead of its investor day, Credit Suisse said it is aiming for a return on tangible equity of 10-11 percent in 2019 and 11-12 percent in 2020.

This is the first time it has announced such goals since Thiam’s restructure - which has refocused the bank more towards wealth management and less on volatile investment banking - began in late 2015, and represents a major rise from the 4.1 percent return posted in the first nine months of 2017.

It confirmed 2018 targets for all its units. (Reporting by Brenna Hughes Neghaiwi; editing by Michael Shields)

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