Financial services company, Credit Suisse has reported 45 per cent net profit jump, just days after announcing Richard Gibb as new Credit Suisse Australia CEO.
It’s a positive start for the new leader of the Australian franchise arm, who joins the company after 10 years at Deutsche Bank.
Over the past three years, the Swiss financial giant has been embroiled in a large-scale network overhaul. However, Wednesday’s results indicate it may have all been worthwhile.
Tidjane Thiam, Credit Suisse Group CEO suggested that costs would continue to fall as the operational change-over reaches completion.
“In the second quarter, we continued to deliver a strong operating performance through the disciplined execution of our strategy, with higher profits, both year on year and sequentially,” Thiam said in the results announcement.
The global CEO went on to reveal that Credit Suisse had achieved its highest quarterly results since late 2015.
“We have been explicit that we wanted to be a leading wealth manager with strong investment banking capabilities, and we have continued to make progress on both of these fronts,” he said.
Franchising and restructuring
A focus on franchising, coupled with a complete restructuring has been at the forefront of operations for Switzerland’s second-largest bank.
Thiam said the latest results confirmed Credit Suisse’s proactive approach to the evolving market conditions.
“These results, delivered in a challenging environment, indicate that our bank has emerged from three years of restructuring with a strong franchise and an efficient platform, allowing us to support our clients and generate growing returns for our shareholders,” he said.
“The results demonstrate the continued value of our regional, client-focused operating model, allowing us to fully leverage our leading wealth management and investment banking capabilities as we support our clients and help them protect and grow their wealth.”
New Credit Suisse Australia CEO
Here in Australia, the excitement is only growing. Last week, the Australia franchise arm of the Swiss banking magnate announced Richard Gibb would take over from outgoing leader John Knox as new Credit Suisse Australia CEO.
Gibb brings 30 years of investment banking leadership experience to the role, most recently serving as head of corporate finance, Asia-Pacific for Deutsche Bank.
As new Credit Suisse Australia CEO, Gibb will lead the Australian franchise across investment banking and capital markets, private banking, markets and financing.
Helman Sitohang, CEO of Credit Suisse, Asia-Pacific, said he was excited to form a relationship with his new Australian counterpart.
“I look forward to having a strong talent of Richard’s calibre join our Asia Pacific leadership team and continue to build on the success of our Australia business,” he said.
Gibb and outgoing CEO John Know will transition the role over the coming months.