Credit Suisse CEO Gottstein Sees ‘Tense’ 2021 After Second Wave

Credit Suisse Group AG Chief Executive Officer Thomas Gottstein said the bank expects further difficulties next year due to fallout from the Covid pandemic.

Even after the Swiss bank and rivals dealt well with working from home, the industry should brace for a “tense” 2021 because of the ongoing impact of the pandemic, Gottstein said at Bloomberg’s Future of Finance virtual event on Wednesday.

Credit Suisse missed analyst estimates in key businesses in the third quarter, with net income dragged lower by the international wealth-management and Swiss units. That compared with rivals UBS Group AG and Julius Baer Group Ltd., which posted better-than-expected profit.

With private banking revenue under pressure from lower interest rates, Credit Suisse is turning its focus to growing the loan book as well as deals with its richest and most entrepreneurial clients.

©2020 Bloomberg L.P.

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