Credit Suisse Group AG (SWX:CSGN) today provided an investor update for 2020.

With regard to the fourth quarter of 2020, Credit Suisse noted that business performance so far has followed similar year-on-year trends as it saw in the third quarter. In Credit Suisse’ Wealth Management businesses, stronger year-on-year transactional activity, particularly in Asia, is partly offsetting the adverse FX translational impact resulting from the strengthening of the Swiss Franc and some pressure on net interest income.

Credit Suisse’s Investment Bank continues to perform well, with revenues ahead of 4Q19, in both USD and CHF terms.

Results for the current quarter will also be impacted by the expected impairment relating to York Capital Management and the updated assessment of RMBS-related provisions.

The Group aims to increase Wealth Management-related pre-tax income to CHF 5.0 billion to CHF 5.5 billion in 2023, supporting its medium-term ambition of an RoTE of 10% to 12%.

Credit Suisse expects adjusted operating expenses of CHF 16.2 billion to CHF 16.5 billion for 2021, reducing expenses through the restructuring measures announced in July 2020 and ongoing productivity improvements, enabling the funding of incremental investments of up to CHF 600 million, primarily in Wealth Management and in China, as well as in its IT infrastructure.

The Group targets at least 5% dividend growth per annum, including with respect to the planned 2020 dividend compared to CHF 0.2776 per share paid this year.

Credit Suisse intends to restart share buybacks in January 2021 of up to CHF 1.5 billion, with at least CHF 1.0 billion for the full year, subject to market and economic conditions.