When Credit Suisse's new CEO, Tidjane Thiam, announced the bank's results yesterday, it became apparent to analysts that his focus is on the Asia Pacific region, as he continually mentioned the region. Instead, the new chief executive chose to focus on Asia Pacific, which was mentioned in four of the first five sentences in his results comments, and nine times in a letter to shareholders signed by Thiam and chairman Urs Rohner. In a shareholder letter, Thiam, along with Chairman Urs Rohner, highlighted the success they've enjoyed servicing entrepreneurs in the area and pointed out that Asia Pacific accounted for 16% of its overall revenues and 27% of its pre-tax income in the first half. The bank also noted that while it's not yet clear how much credit card debt will be written off by customers this year, they expect "significant" write-offs over time.
When Credit Suisse's new CEO, Tidjane Thiam, announced the bank's results yesterday, it became apparent to analysts that his focus is on the Asia Pacific region, as he continually mentioned the region. In a shareholder letter, Thiam, along with Chairman Urs Rohner, highlighted the success they've enjoyed servicing entrepreneurs in the area and pointed out that Asia Pacific accounted for 16% of its overall revenues and 27% of its pre-tax income in the first half. The bank also noted that while it's not yet clear how much credit card debt will be written off by customers this year, they expect "significant" write-offs over time.