Credit Suisse lowers profitability outlook

Wednesday, 11. December 2019 10:00

Swiss bank Credit Suisse said on Wednesday it expects its return on tangible equity (RoTE) to stand above 8% in 2019, lowering the outlook from the previously expected 10-11%.

The lender also cut its RoTE forecast for 2020 from between 11% and 12% to between 10% and 11%.

"If markets are constructive and support revenue growth, we would expect our year-end 2020 RoTE to be approximately 11%. Conversely, should markets remain challenging in 2020, we have identified up to 40 basis points of additional cost measures in order to protect our RoTE ambition of approximately 10%," Credit Suisse said in a statement ahead of its investor day.

Related Links: Credit Suisse Group
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Breaking the News / NP