Credit Suisse Group AG announced that it is well on track with its comprehensive strategic review including potential divestitures and asset sales. The bank will update the market further when it reports third-quarter results on October 27.
While there has been a heightened level of media and market speculation about the potential outcome over the past days, the bank is committed to providing further details on the progress of the strategic review, including measures to strengthen the wealth management franchise, transform the Investment Bank into a capital-light, advisory-led Banking business and more focused Markets business, evaluate strategic options for the Securitized Products business, which includes attracting third-party capital, as well as reduce the Group’s absolute cost base to below CHF 15.5 bn in the medium term, as stated on July 27, 2022.
The Board of Directors and the Executive Board are considering alternatives that go beyond the conclusions of last year’s strategic review. The aim is to create a more focused, agile Group with a significantly lower absolute cost base, capable of delivering sustainable returns for all stakeholders and first-class service to clients.
The bank is currently executing on a number of strategic initiatives including potential divestitures and asset sales.
Source: Credit Suisse
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