ZURICH (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