“We are building our platform for the future,” Thiam told shareholders in Zurich on Friday. “That can seem like a tough task, and one that rarely wins many plaudits in the short term, but it is the only path that will lead to success in the long term.”
Bloomberg News reports that Thiam, 53, is under pressure from investors in the lender. The stock has declined more than 42% since he joined Credit Suisse from British insurer Prudential in July. The CEO announced deeper cuts to the securities unit in March, just five months after setting out plans to shrink that business and focus on wealth management.
Making his first appearance at the annual general meeting, Thiam said restructuring efforts will continue to affect the bank’s performance this year.
“It is therefore more important than ever for us to remain disciplined and focused on Credit Suisse’s priorities going forward,” he said. “Our aim is to be capital generative and to deliver profitable growth through the economic cycle.”
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