The Qatar Investment Authority is now the second-largest shareholder in Credit Suisse after doubling its stake in the embattled Swiss lender late last year.
"While strategically largely the right measures have been announced in our view, the execution of the group's transformation requires time to lower costs, regain operational momentum as well as reduce complexity funding costs. Hence, we expect subdued profitability, below its potential, even by 2025," said Benjamin Goy, head of European financials research at Deutsche Bank.
Central to Credit Suisse's new strategy is the spin-off of its investment bank to form CS First Boston, which will be headed by former Credit Suisse board member Michael Klein.Co-Head of European Banks Equity Research Amit Goel characterized Credit Suisse's earnings estimates as "more art than science," arguing that details remain limited on the earnings contribution from the businesses being exited.
"For Q422, we will be focused on what is driving the losses , whether there are any signs of stabilisation in the business, and if there is more detail on the restructuring," he added.
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