Credit Suisse AG

Credit Suisse AG

den 12 maj 2016

Important legal information

Credit Suisse is a major Swiss Bank headquartered in Zürich. In July 2015 Tidjane Thiam joined the group as CEO with a strategy, which aims to cut cost particularly in the Investment Banking Division of the Bank and strengthen bank’s business on Wealth Management especially in Asia-Pacific and Emerging markets.

In the first Quarter of the current year, Credit Suisse suffers a loss of CHF 302 million. As a comparison the bank reported CHF 1.05 billion profit in the first quarter of 2015. However, the losses were lower than what many analysts expected. Credit Suisse has managed to reduce costs in the first three months of the year with adjusted costs of 7% below consensus. Gross margin were also higher than originally expected. Credit Suisse has a difficult start in 2016 due to the turbulent markets situation. However the costs could increase in the second quarter of 2016, so Credit Suisse’s CFO. The Bank said that during the first quarter it achieved more than half of its 1.4 billion cost savings plan.

Credit Suisse’s share roses more than 5 percent on Tuesday after the release of the first quarter report. This could be the start of an upside trend. However, this positive development remains to be seen.

Bloomberg consensus set the 12-month target price to CHF 16,80. Currently, 10 analysts set Credit Suisse on BUY, 15 on HOLD and 7 on SELL recommendation.

 

 

2022-12-05 04:32:59