Credit Suisse aims for 2022 profit, wants to go it alone -CEO tells paper

Zurich, Feb. 18 (BNA): The CEO of Credit Suisse (CSGN.S) told Swiss newspaper Finanz und Wirtschaft in an interview published on Friday that his goal is to turn a profit this year.

“We expect a profit in 2022. But uncertainties such as Russia, China, inflation and the interest rate environment are difficult to assess,” he said.

Switzerland’s second largest bank suffered from the scandal and last week reported quarterly losses of $2.2 billion. Reuters said 2022 earnings will be affected by restructuring and compensation costs.

Gotstein said he is convinced that the bank’s strategy to focus more on wealth management will pay off in the long term.

Asked about his relations with new president Axel Lehmann, Gotstein said they are good. “We agree 100% on strategic issues and focus on implementing the new strategy,” he said.

Speaking about speculation that a drop in the bank’s share price has left Credit Suisse vulnerable to a takeover, Gotstein said he believes the group is undervalued.

“That this could lead to takeover fantasies is neither new nor surprising. If the bank was undervalued, you should have had an offer on the table long ago,” he said.

“Firstly, it is not easy to take over a system-wide important bank. Second, and most importantly, Credit Suisse, with its 165-year history, has many strengths that spark interest among competitors. But we want to exploit our strengths nationwide. and at the international level.”

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