Credit Suisse may have to temper its wealth management plans | Photo credits: Credit Suisse
ZURICH, June 28 (Reuters) – Credit Suisse’s drive to redeploy some three billion Swiss francs (2.97 billion euros) of capital into its wealth management business by 2024 could be “tempered” in due to tougher market conditions than when the project was announced in November, group executives said on Tuesday.
“It is clear that the pace at which you will see certain initiatives take place must be tempered in view of the market environment,” Francesco De Ferrari, director of wealth management activities, told investors and analysts at the occasion of a day of presentations.
He clarified that the long-term strategy remains unchanged.
Credit Suisse had previously confirmed this strategy, presented in November and said it wanted to achieve more savings through the implementation of new technologies.
Asked about the announced redeployment of some three billion francs in the wealth management division, the managing director, Thomas Gottstein, replied that the recent movement to reduce the risk exposure of major clients could have an impact on this project. .
“We’ve seen a significant move down in risk exposure (over the past few quarters), arguably larger than what we expected in November,” he said.
“In principle, our plan is still to grow our portfolio of loans in wealth management and to go towards three billion. But in view of what has happened in recent quarters, it is clear that the base is slightly different,” he added. (Report Brenna Hughes Neghaiwi, French version Marc Angrand, edited by Jean-Stéphane Brosse)