"I'm proud to work for Credit Suisse"

Mr. Thiam is a dazzling rhetorician. He proves once again his talent for appearing and speaking at CS Investors Day.

We delivered, according to the message of Tidjane Thiam. Virtually all the goals set by him and his team 3 years ago are now met or exceeded.

Almost only green: Thiams self-assessment (Source: CS)

A celebration celebrated with hundreds of slides in front of analysts and journalists from the European capital of finance.

All right, there remains only one problem: the story is not right. Thiam did not "deliver" as he calls in his clan.

10 billion pledged: Thiam 2015 (Source: CS)

But his promises are empty. In October 2015, Thiam, the new Managing Director of Credit Suisse, appeared before investors for the first time announcing its intention to increase pre-tax earnings from $ 9 billion to $ 10 billion.

Now that the three years are up, this shows that CS 's pre – tax profit for the current year is only up to $ 3 billion.

3 billion delivered: Thiam 2018 (Source: CS)

3 instead of 9 billion, one third instead of 100% – goal not achieved.

But Thiam is not discouraged by such details. He tries to score with others. 100 billion attracted his CS in three years of rich money.

The director of the bank wants to say: The conversion of Highrisk-Dealing into a stable asset manager has been a success.

Why, then, does CS still have 11,000 employees out of 45,000 in world trade? This is almost as much as the entire Swiss CS, which today employs less than 13,000 people.

While the latter posts the promised profit of 2.3 billion euros before taxes 3 years ago, CS global trading has only generated 100 million losses between July and September.

A millstone around the neck of the whole group, which Thiam did not remove, despite its supposed pivot radical, far from the Anglo-Saxon trade in the Swiss direction.

In Asian trade, the gap between promises and today's reality is particularly striking. Thiam set the bar for pre-tax profits for the Far East in 2015 at 2.1 billion francs.

A few months later, the head of the SC had to reduce the target for the region for the first time. And today, he only talks about pre-tax profit for asset management, omitting the dull investment bank. Why? Because it also brings the title "on the right track" in Asia.

From 2.1 to 0.75: Nice "on the course" (Source: CS)

Finally, cost is such a thing. Thiam supposedly exceeded there; the annual expenses of the entire group have not only fallen, as promised, to 18 billion in 2018, but are even less than 17 billion.

But here too, the official improvement has something dubious, namely: a sign of the continuing lack of CS planning in the company.

The bank simply does not know how to generate enough revenue from its customers to pay for their fixed costs and, in addition, earn something. So she runs away until she dies.

Kreuzfalsch, says Thiam, referring to his IT expenses. In this case, the CS would spend less on computer maintenance, so that it would remain proportionally more for future expansion.

Compensation programs: how many are there? (Source: CS)

The fact is that CS has big problems, especially in large online banking. If you want to pay your payments automatically and allow your creditor to send invoices directly to the CS system, you will be unsuccessfully trying to get a receipt.

Or the pension fund: there, the CS just greatly aggravate the benefits for the partner's pension. In case of death of a CS pensioner, his partner will receive a pension only after 5 years. Until now, this was the case of partners from the age of 3 years after the registration of the case. According to CS, you only address the legal requirements.

The deterioration is in addition to the previous adjustments made by the CS de CS, which have all prejudiced the insured and, therefore, in favor of the bank. A bad sign when a business is constantly worsening its personal loans.

Happiness in the CS workforce: bankers statements (Source: CS)

But Thiam took care of that too today. He shows slides in London with statements that his team is happy.

"I would recommend Credit Suisse to family and friends as a place to work." A CS banker citing another quote is that CEO Thiam willingly conveys to the outside world "I feel motivated to go beyond expectations at work".

The best is even: "I'm proud to work for Credit Suisse". This contrasts with the opinions that can often be read in the comments on these pages.

But the declarations of overwhelming joy expressed by the enthusiastic employees of CS enter the picture, draws the helmsman Thiam. We are good, we are satisfied, we are on the right track. Further efforts are needed for dismantling and cost reduction. but only homeopathic.

This is how the CS starts in the year 2019 with a course of action that gets dangerously close to 10 francs, an expensive and slow IT and a mood in the staff that probably does not correspond to the official happiness. And nobody at the top asks if the course is good.