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Credit Suisse sees significant operating profits in years ahead: chairman
May 18, 2017 / 10:24 AM / 7 months ago

Credit Suisse sees significant operating profits in years ahead: chairman

ZURICH (Reuters) - Credit Suisse (CSGN.S) expects to make big profits in the next few years, Chairman Urs Rohner said on Thursday, following back-to-back full-year losses for the Swiss bank.

CEO Tidjane Thiam sites beside Chairman Urs Rohner of Swiss bank Credit Suisse as he addresses the audience at the bank's extraordinary shareholder meeting in Zurich, Switzerland May 18, 2017. REUTERS/Arnd Wiegmann

    “We expect Credit Suisse to achieve significant operating profits... in the coming years,” Rohner said at Credit Suisse’s extraordinary general meeting, where shareholders approved plans for a rights issue.

    Credit Suisse lost 5.65 billion Swiss francs ($5.8 billion)in 2015 and 2016 as Chief Executive Tidjane Thiam focuses on expanding its wealth management business while shrinking its investment bank, a shift the Swiss bank expects will lead to more than 10,000 job losses.

    Reporting by Joshua Franklin and Oliver Hirt; Editing by Michael Shields

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