CORPORATE RESTRUCTURING
Credit Suisse upbeat as overhaul reaches the halfway stage
Era of austerity may soon be over as the financial services giant starts work on a blueprint for 2018-20
Zurich — Credit Suisse Group has signalled that the era of cost-cutting and job cuts may soon be over, telling employees that the bank will emphasise businesses that generate higher returns in its next strategic plan. Work on a blueprint for 2018-20 began in July after the bank moved up a strategy meeting between executives and directors to June from the usual time of late August, according to the memo seen by Bloomberg. Credit Suisse is midway through a three-year overhaul, reorganising operations around wealth management and emerging markets. Capital generation was the thrust of CEO Tidjane Thiam’s strategy in 2016, when the bank cut thousands of jobs, slashed operating expenses and sold risky assets. Thiam said the bank was now better positioned to boost growth and its stock price in future. "Looking beyond 2018, we agreed there would continue to be significant value creation opportunities available to a restructured Credit Suisse," Thiam wrote. "That would translate into a growi...
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