Thiam gets brief breathing space after wealth loss

Credit Suisse’s vital wealth management business is holding up despite the exit of top banker Iqbal Khan, giving CEO Tidjane Thiam a temporary respite. But with Khan just starting at UBS, the extent of the damage is yet to materialise, says LJucca:

Credit Suisse reported third-quarter net profit of 881 million Swiss francs, up 108% year-on-year, helped by additional revenue of 327 million Swiss francs from the sale of investment platform InvestLab to Spain’s Allfunds Group in June.

The Swiss bank said its return on tangible equity in the first nine months of 2019 was 9%. The bank is targeting a return on tangible equity of 10% to 11% in 2019, assuming flat year-on-year revenue. Credit Suisse said on Oct. 1 that its Chief Operating Officer Pierre-Olivier Bouée resigned after an internal investigation found he initiated surveillance of Iqbal Khan, the bank’s former international wealth management head. Khan joined UBS on Oct. 1.

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