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

ZURICH (Reuters) – Credit Suisse (SIX:) aims to make a profit this year, Chief Executive Thomas Gottstein told Swiss newspaper Finanz und Wirtschaft in an interview published on Friday.

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

Switzerland’s second-biggest bank has been plagued by scandal and last week reported a $2.2 billion quarterly loss. It said 2022 earnings would be weighed down by restructuring and compensation costs.

Gottstein said he was convinced the bank’s strategy of focusing even more on wealth management would pay off in the long run.

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

Addressing speculation that a plunge in the bank’s stock price had left Credit Suisse exposed to a takeover, Gottstein said he believed the group was substantially undervalued.

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

“Firstly, taking over a systemically important bank is not easy. Secondly, and more importantly, Credit Suisse, with its 165-year history, has many strengths that arouse interest among rivals. But we want to play to our strengths ourselves, both nationally and internationally,” he added.