ZURICH: Credit Suisse Group AG cut its main profitability target for this year and next as trade tensions and negative interest rates cloud the outlook after a three-year restructuring.
Switzerland’s second-largest lender now sees return on tangible equity -- a key profitability metric -- of higher than 8% this year, compared with previous guidance of between 10% and 11%. The Zurich-based firm also cut its forecast for next year and signaled it may take longer than previously expected to reach its ambitions, while indicating that the investment bank is set to make a loss this year.
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