Credit Suisse’s chief executive has laid out a vision of a banking industry with lower but more sustainable returns in which his bank would never again make a loss.
Brady Dougan, one of the few to survive as chief of a global bank during the financial crisis, said Credit Suisse’s aim of an average 15 per cent after-tax return on equity was a much more dependable promise than the sector’s pre-crisis 20 per cent to 30 per cent targets.
“Our hope is that we will be in the high teens or 20 per cent in the good times and hopefully we will still be at above 10 per cent or around the low double-digits in the more difficult times,” he said.
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