In a report published today, Scope reviews the progress that Credit Suisse has made since October 2015 when the group detailed plans to be a leading private bank and wealth manager with strong investment banking capabilities that could grow profitably and generate capital through the cycle. Credit Suisse AG is rated A+ by Scope, with Stable Outlook.

The rating agency acknowledges that management has made good progress in right-sizing the investment banking business, reducing non-core assets, lowering costs and improving the group’s capital position. Nevertheless, more needs to be done to bolster returns and the ability to achieve the group’s relatively demanding 2018 profitability targets will depend to some extent on market conditions.

Pauline Lambert, author of the report, notes that through this period of restructuring Credit Suisse’s business franchise has demonstrated resilience; the wealth management business has seen increased net new assets and the group has retained its market position in key investment banking product areas such as equity capital markets and US securitisations.

Download the full report.