Credit Suisse to Buy Back Shares, Sonntagszeitung Says
Credit Suisse to Buy Back Shares, Raise Dividend, SZ Says
(Bloomberg) -- Credit Suisse Group AG will announce a share-buyback program worth “billions” and increase its dividend at an upcoming investor day this week, newspaper SonntagsZeitung reported, without saying where it got the information.
There’s pressure for Chief Executive Officer Tidjane Thiam to follow in the footsteps of Sergio Ermotti, head of rival UBS Group AG, and use company money to buy back shares, SonntagsZeitung said, citing unidentified sources. It also said the share buyback would be for just over 3 billion francs ($3 billion).
A Credit Suisse spokesman declined to comment when contacted by Bloomberg.
The Swiss bank has said it wants to pay out 50 percent of earnings to shareholders in 2019 and 2020 and is due to hold an investor day in London on Wednesday. Thiam, who has sought to focus on Credit Suisse being the go-to place for the super rich, is under pressure to revive the share price. It has dropped by about a third this year.
To contact the reporter on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net
To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Steve Geimann
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