Thiam's Revamp Rewards Leave Credit Suisse Investors Unimpressed
- Swiss bank to repurchase as much as 3 billion francs of stock
- ‘Overall we see the targets as unambitious,’ says one analyst
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As Tidjane Thiam handed out rewards to Credit Suisse Group AG investors who stuck with him through his three-year turnaround plan, perhaps the biggest surprise was a decided lack of excitement.
A plan to buy back as much as 3 billion francs ($3 billion) worth of stock was in line with expectations. A pledge to raise the dividend by 5 percent a year was, if anything, a little disappointing, and few analysts could get excited that the bank confirmed previously announced targets. Thiam, who was updating investors on the next steps after completing his revamp, quickly assured them the numbers were merely “prudent.”