Banks And Financial Institutions, Ceos

Banks And Financial Institutions, Ceos

Credit Suisse posts best profit since 2010 in Thiam swan song

Credit Suisse posts best profit since 2010 in Thiam swan song

13.2.2020

Credit Suisse posts best profit since 2010 in Thiam swan song

ZURICH (REUTERS) - Credit Suisse posted a 69 per cent rise in annual net profit on Thursday (Feb 13) in a bittersweet swan song for outgoing chief executive Tidjane Thiam.. Read more at straitstimes.com.

ZURICH (REUTERS) - Credit Suisse posted a 69 per cent rise in annual net profit on Thursday (Feb 13) in a bittersweet swan song for outgoing chief executive Tidjane Thiam. Mr Thiam quit after a spying scandal at the bank sparked a boardroom revolt and will leave formally on Friday. He will be replaced by company veteran Thomas Gottstein. Mr Gottstein said the group remained committed to its strategy and previously announced targets. Net income rose to 3.419 billion Swiss francs (S$4.86 billion) for the year. Analysts had on average expected Credit Suisse to generate 3.5 billion francs, according to a consensus of 13 analysts compiled by the bank. Mr Thiam spent much of his 4½ at Credit Suisse trying to put the lender on a more stable footing - slashing costs and exiting riskier and more capital-intensive investment banking activities. But his legacy will be defined by the spying controversy which saw Credit Suisse, one of the most high-profile names in European banking, admit to snooping on two former executives. The bank blamed the espionage on a rogue operation run by one of Mr Thiam's closest lieutenants. Credit Suisse and Mr Thiam have said the CEO knew nothing of the activities. Even with the restructuring undertaken by Mr Thiam, Credit Suisse is facing a tough operating environment with more competitors now focusing on wealth management, ultra-low interest rates and the threat from passive investing. The bank lowered its 2019 and 2020 profitability targets in December, blaming a drop in dealmaking, negative interest rates and global trade tensions for the climb-down. At 9 per cent, the bank's return on tangible equity (RoTE) for 2019 matched the lowered expectation of above 8 per cent it flagged in December. It had previously targeted 10-11 per cent. Over Thiam's tenure, operating costs have fallen by more than 20 per cent while net revenue has shrunk nearly 13 per cent since 2014, the last full year before Mr Thiam's arrival in July 2015. For 2019, the group reached a cost/income ratio of 77.6 per cent, its best since 2010. The only divisions to have grown revenue since the former Prudential boss announced an overhaul in late 2015 has been International Wealth Management, a standalone unit managing money for the rich outside Asia and Switzerland, and the Swiss business previously under Mr Gottstein. Read more: The Straits Times

Credit Suisse posts best profit since 2010 in Thiam swan songCredit Suisse posted a 69per cent rise in annual net profit on Thursday in a bittersweet swan song for outgoing Chief Executive Tidjane Thiam.

Credit Suisse posts best profit since 2010 in Thiam swan songCredit Suisse posted a 69per cent rise in annual net profit on Thursday in a bittersweet swan song for outgoing Chief Executive Tidjane Thiam.

Ley Choon back in black, posts Q3 net profit of S$218,000Ley Choon back in black, posts Q3 net profit of S$218,000.

DBS sees 14% rise in Q4 profit to $1.51b, just above estimatesSINGAPORE (REUTERS) - DBS Group Holdings , South-east Asia's biggest lender, reported a 14 per cent rise in fourth-quarter profit on Thursday (Feb 13), just above market estimates, and said it saw little impact on its business from the coronavirus outbreak.. Read more at straitstimes.com.

Singapore's DBS reports 14% rise in Q4 net profit, just above estimatesSINGAPORE: DBS Group Holdings, Southeast Asia's biggest lender, reported a 14% per cent rise in fourth-quarter profit on Thursday (Feb 13), just ...

DBS Q4 net profit up 14% to S$1.51b.dbsbank Q4 net profit up 14% to S$1.51b



Covid-19 outbreak: Second DBS employee infected, Ngee Ann City cleans up premises at Tower A

A Hospital Doctor Battling Covid-19 On The Frontlines Shares How Good Humour, Bubble Tea & Fake Eyelashes Are Helping Her Get Through Tough Times

A Chinese Director And 3 Of His Family Members Passed Away After Getting Infected With COVID-19

Netflix says IMDA got it to remove five titles in Singapore

A Hospital Doctor Battling Covid-19 On The Frontlines Shares How Good Humour, Bubble Tea & Fake Eyelashes Are Getting Her Through Tough Times

Parasite Surpasses $1 Million At S’pore Box-Office

Cambodia's coronavirus complacency may exact a global toll

Write Comment

Thank you for your comment.
Please try again later.

Latest News

News

13 February 2020, Thursday News

Previous news

Coronavirus: Taiwan mulls countermeasures if Philippines doesn't lift entry ban

Next news

'I hope it's happy in piano heaven,' says musician after rare piano was destroyed in move
3-year-old boy found dead at foot of HDB block in Ang Mo Kio Coronavirus: 4 new cases including 3 linked to Grace Assembly of God church; 21 cases now linked to the cluster Covid-19: 4 men, 1 woman arrested for separate e-commerce scams involving face masks Prawn Village Hawker: Why I’m Closing Stall To Be A Nurse During Covid-19 Crisis Budget 2020: Expected S$10.95b deficit largest since 2009 global financial crisis, but no need to draw on past reserves Bare-faced robbery: Thieves steal 6,000 surgical masks in Japan Coronavirus: 5 people arrested for allegedly cheating customers over face masks sold on Carousell Moses Chan Seen Staring Helplessly At Empty Supermarket Shelves In Hongkong Budget 2020: Expected S$10.95b deficit largest since 2009 global financial crisis, but no need to draw on past reserves Budget 2020: S$5.6 billion special packages to support firms, workers and households amid Covid-19 outbreak LIVE: SG Budget 2020 Facebook blocks Singapore users' access to States Times Review page
Covid-19 outbreak: Second DBS employee infected, Ngee Ann City cleans up premises at Tower A A Hospital Doctor Battling Covid-19 On The Frontlines Shares How Good Humour, Bubble Tea & Fake Eyelashes Are Helping Her Get Through Tough Times A Chinese Director And 3 Of His Family Members Passed Away After Getting Infected With COVID-19 Netflix says IMDA got it to remove five titles in Singapore A Hospital Doctor Battling Covid-19 On The Frontlines Shares How Good Humour, Bubble Tea & Fake Eyelashes Are Getting Her Through Tough Times Parasite Surpasses $1 Million At S’pore Box-Office Cambodia's coronavirus complacency may exact a global toll Jail for NTU student who climbed water pipes to have sex with 15-year-old girl in her bedroom 2 Singaporean passengers who were on board Westerdam quarantined here Singapore Airlines to cut flights as coronavirus epidemic hits demand Covid-19 could be knockout blow for Hong Kong's once-thriving tourism, retail sectors Covid-19: Why the workplace will prevail