Credit Suisse chairman says on track to boost equity
return: media
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 [December 22, 2018]
ZURICH (Reuters) - Cost cuts and closing a
unit where Credit Suisse <CSGN.S> had parked underperforming assets will
help boost return on tangible equity (ROTE) to at least 10 percent in
2019, Chairman Urs Rohner said in an interview published on Saturday.
He said that target was within reach.
"With that, we will stand out in a cross-comparison with other banks in
Europe," Rohner told the Neue Zuercher Zeitung (NZZ), referring to
measures such as winding down the bank's Strategic Resolution Unit, a
home for assets that have been a drag on the bank’s performance.
ROTE was 6.3 percent in the first nine months of 2018.
A lawyer, Rohner has been Credit Suisse's chairman since 2011. He told
the newspaper he would like to remain in the post until 2021, but said
that would be up to shareholders.
Rohner added that Chief Executive Tidjane Thiam's efforts to restructure
the bank may attract job offers from elsewhere, but he was not worried
about his CEO jumping ship.
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Chairman Urs Rohner of Swiss bank Credit Suisse arrives before the
bank's annual shareholder meeting in Zurich, Switzerland April 28,
2017. REUTERS/Arnd Wiegmann
"I know also that he very much enjoys working at Credit Suisse and that he is
not planning to leave the bank," Rohner said.
Credit Suisse shares are down 38 percent on the year, more than the 33 percent
decline of larger rival UBS <UBSG.S>. Still, Rohner told the newspaper he is not
anticipating incursions by activist investors, such as those who have sought to
influence other Swiss companies like engineering group ABB <ABBN.S> or food
giant Nestle <NESN.S>.
"Our large investors support our direction," Rohner said.
(Reporting by John Miller; Editing by Robert Birsel and Raissa Kasolowsky)
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