Credit Suisse Plans to Buy Back Up to $3 Billion of Stock
- Swiss bank is due to hold investor day on Wednesday in London
- Credit Suisse is also said to be planning to boost dividend
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Credit Suisse Group AG Chief Executive Officer Tidjane Thiam is poised to announce a stock buyback of as much as 3 billion francs ($3 billion) and a dividend increase, aiming to boost shares that have tumbled during his tenure.
Switzerland’s second-largest lender plans stock repurchases during the next two years of between 2 billion francs and 3 billion francs as well as a limited increase to the cash payout, according to people with knowledge of the matter. The plan will probably be announced at the bank’s investor day on Wednesday, said the people who asked not to be identified because the plans haven’t been disclosed yet.