Revenues (at Global Markets) have remained weak in the period, wi... by Tidjane Thiam

Revenues (at Global Markets) have remained weak in the period, with negative operational leverage.

Tidjane Thiam

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Categorized in : Business

A few months ago, I had asked Lara Warner, Peter Goerke and Romeo Cerutti to review our global approach to the handling of claims of sexual harassment at Credit Suisse, having concluded their review, they have made clear recommendations which we will be implementing with immediate effect.

With these first-quarter results, we got off to a good start in our third and final year of restructuring, and we are looking ahead to the future with confidence in our new business model and in our execution capabilities.

We do not condone structures for tax avoidance, whenever there is a structure with a third party beneficiary we insist to know the identity of that beneficiary.

Today, we are announcing an increase to our 2018 cost reduction target from 3.5 billion Swiss francs gross savings to at least 4.3 billion francs, driving our absolute operating cost base below 18 billion francs by 2018. For 2016, we aim to achieve 1.7 billion francs in cost savings.

In this context, we have taken immediate action to reduce outsized positions in activities not consistent with our new strategy and systematically reduced our exposures.

I never announced a 2018 goal of a 9-10 billion (Swiss francs) pr... by Tidjane Thiam

I never announced a 2018 goal of a 9-10 billion (Swiss francs) profit.

We will need a strong balance sheet that allows us to withstand adversity, while continuing to invest in the future.