Credit Suisse

RATING

SECTOR

Banking

WEBSITE

CONTACT

Credit Suisse 
Uetlibergstrasse 231 P.O. Box 700
CH 8070 Zurich
Switzerland

Tel: +41 44 333 11 11

STOCK EXCHANGE

LISTING

EMPLOYEES

48,770

CHIEF SUSTAINABILITY OFFICER

Marisa Drew

AWARDS

2021

Global:

  • Best Private Bank for Ultra High Net Worth Clients

  Regional:

  • Best Private Bank in the Middle East
  • Best Private Bank for High Net Worth Clients in the Middle East
  • Best ESG/Impact Investing Services in the Middle East
  • Best Next Generation Services in the Middle East
  • Best Philanthropic Advice in the Middle East
  • Best Data Management and Security in Private Banking and Wealth Management in the Middle East
  • Best Innovative or Emerging Technology Adoption in the Middle East
  • Best Private Bank for High Net Worth Clients in Asia Pacific

  Country:

  • Best Private Bank in Brazil
  • Best Private Bank in Indonesia
  • Best Private Bank in Israel
  • Best Private Bank in Turkey

2020:

  • Switzerland’s “Bank of the Year 2020” – The Banker (Financial Times Group)
  • Best Private Bank for Entrepreneurs – Professional Wealth Management and The Banker Award
  • Best Private Bank in the Middle East – Professional Wealth Management and The Banker Award
  • Best Private Bank in Russia – Professional Wealth Management and The Banker Award
  • Switzerland’s Best Bank – Euromoney Awards for Excellence in 2020
  • Switzerland’s Best Investment Bank – Euromoney Awards for Excellence in 2020
  • Excellence in Leadership in Western Europe – Euromoney Awards for Excellence in 2020
  • CEE’s Best Bank for Wealth Management – Euromoney Awards for Excellence in 2020
  • Latin America’s Best Bank for Wealth Management – Euromoney Awards for Excellence in 2020
  • Asia’s Best Bank for Wealth Management – Euromoney Awards for Excellence in 2020

CONTENT SOURCE

FURTHER READING

Report created by Kavita Kripalani

Credit Suisse

SECTIONS :  Sustainability Targets    Evaluation  •  Key Points  •  Overview

Company Activity

Credit Suisse Group AG is a holding company, which engages in the provision of financial services. It operates through the following segments: Swiss Universal Bank; International Wealth Management; Asia Pacific; Global Markets; and Investment Banking and Capital Markets. 

  • The Swiss Universal Bank segment offers comprehensive advice and financial solutions to private, corporate, and institutional clients in Switzerland. 
  • The International Wealth Management segment gives advisory services, and tailored investment and financing solutions to wealthy private clients and external asset managers in Europe, the Middle East, Africa, and Latin America. 
  • The Asia Pacific segment comprises wealth management, financing, and underwriting activities. 
  • The Global Market segment delivers securities sales, trading and execution, prime brokerage, and comprehensive investment research. 
  • The Investment Banking and Capital Markets segment covers investment banking services to corporations, financial institutions, and financial sponsors. 

The company was founded by Alfred Escher on July 5, 1856, and is headquartered in Zurich, Switzerland.

Company Sustainability Activity

The company’s approach to sustainability is founded on a broad understanding of the duties as a financial services provider and responsibilities towards society and the environment, as well as the role as an employer. 

The organization and responsibilities for integrating and managing sustainability issues at Credit Suisse are laid down in policies, guidelines and functional descriptions covering their operations, their supply chain, and the marketplace for their products and services. 

Their CEO is the most senior manager having decision-making authority on sustainability matters and is supported in this by the Reputational Risk Sustainability Committee. Environment and sustainability specialist units support line management with the necessary specialist knowledge.  

They are committed to meeting the regional, national and international environmental and social standards applicable to their business operations and services, and to living up to the expectations and principles set out under the UN Global Compact, the UNEP Statement of Commitment by Financial Institutions on Sustainable Development, the OECD Guidelines for Multinational Enterprises, the Equator Principles and other applicable standards as they arise. Furthermore, they aim to contribute to the realization of the UN Sustainable Development Goals.

Highlights

They are committed to change their consumption of office supplies related t renewable resources, and they make it clear in their 2025 objectives.

Targets

  • In 2020, Credit Suisse announced the goal to provide at least CHF 300 billion of sustainable financing to support transition strategies (renewables, Green/Blue/Transition bonds, low-carbon energy solutions, and UN SDG-aligned) over the next ten years
  • The company’s approach to sustainability is founded on a broad understanding of the duties as a financial services provider and responsibilities towards society and the environment, as well as the role as an employer. 
  • In December 2020, Credit Suisse committed to developing science-based targets in 2021 and 2022, including their commitment to align their operations, supply chain, and financing activities to net zero emissions by 2050. 
  • In order to maximize the impact of their Diversity and Inclusion (D&I) imperative across people management, culture development and their sustainability strategy, they elevated their global D&I function to report to two Executive Board members, to reflect a mandate that is tied not only to Human Resources but also embedded in the new SRI function providing enhanced oversight and executive focus. They also set out additional commitments to accelerate their progress.

2025 objectives

  • Reduce total GHG emissions by 75% compared with 2010 levels by 2025 on reported operational aspects.
  • Achieve 100% renewable electricity by 2025.
  • Green label certification of Credit Suisse space to 50% of operational portfolio.
  • Energy efficiency improvement of 1.5% per year in all regions.
  • Reduce single-use plastic (SUP) items and increase the share of products made from recycled material and reusable materials.
  • Paper consumption reduction of 10%, on per FTE basis, compared to 2018 baseline by 2025.
  • 100% of paper purchases carry an appropriate environmental label by 2025 (Baseline 2018: 78%).
  • Water efficiency improvement of 10%, on per FTE basis, compared to 2018 baseline by 2025.

Progress

  • They have already set themselves ambitious aspirations in the area of climate change, including announcing planned milestones.
  • Over the course of 2021, they intend to release guidance on the methodology they have developed to illustrate how they count transactions toward the target of CHF 300 bn of sustainable financing and provide insight on the associated criteria. 
  • Credit Suisse has set up the internal governance structures and project teams to work on the implementation of its aspirations. They will report on their progress in their 2021 corporate reporting. 

2025 objectives 

  • Achieved: 88% GHG emissions  reduction versus 2010 baseline achieved in 2020 
  • Achieved: 94% renewable electricity achieved in 2020, on track to 2025 objective 
  • 44% green label certification achieved, further work planned.
  • 2020 rollout of single-use plastic reduction postponed due to COVID-19; established COVID-19 related plastic reporting.
  • Achieved: 52% paper consumption reduction achieved in 2020, on track to reach 2025 objective.
  • Achieved: 90% paper purchases with an appropriate environmental label. achieved in 2020, on track to reach 2025 objective.
  • Achieved: 38% water efficiency improvement achieved in 2020, on track to 2025 reach the objective.

Certificates

UN Sustainable Development Goals

UN SDGs Compliance

SDG 4: Quality Education

  • They support financial education programs for girls through their Financial Education Initiative in Brazil, China, Sri Lanka, and Tanzania.
  • They promote financial education and future skills through their respective regional programs.
  • They offer their clients the opportunity to make a contribution to SDG4 through their higher education structured notes solutions.  
  • They invest in young talent as an employer by providing attractive opportunities for young professionals and graduates.

SDG 5: Gender Equality

  • They foster diversity and inclusion within their organization.  
  • They take measures to increase the proportion of women in management positions within their organization.  
  • They support the development of new products and services focusing on gender diversity. 
  • They address female empowerment across the globe through their Corporate Citizenship programs, such as their Financial Inclusion and Education Initiatives.

SDG 7:Affordable and Clean Energy

  • They provide renewable energy financing.
  • They support their clients’ energy transition toward low-carbon operations, technologies, and services.  
  • They use climate-friendly energy sources for their business premises and have buildings certified according to energy efficiency standards.  
  • They run an ISO 14001-certified environmental management system.

SDG 8: Decent Work and Economic Growth

  • They offer progressive working conditions for their employees.
  • They support economic growth and entrepreneurship through their role as a lender and financial intermediary.  
  • They are an integral part of the economy and society in their role as an employer, client, contractual partner, and taxpayer.  
  • They help to strengthen local economies in developing countries, and emerging markets through their activities in the area of financial inclusion.

SDG 9: Industry, Innovation and Infrastructure

  • They supply risk capital to support growth and innovation, including through Credit Suisse Entrepreneur Capital AG in Switzerland.  
  • They help to strengthen local economies in developing countries and emerging markets through their activities in the area of financial inclusion. 
  • They provide renewable energy financing. 
  • They focus on sustainability risk management and have sector-specific policies and guidelines in place.

SDG 11: Sustainable Cities and Communities

  • They invest in sustainable real estate
  • They are committed to continuously improving the ESG performance (environmental, social and governance performance), energy efficiency, and carbon footprint of their real estate investment portfolio.

SDG 13: Climate Action

  • They are committed to developing science-based targets in 2021 and 2022 for achieving net-zero emissions.
  • They have a Group-wide Climate Risk Strategy program in place.
  • They focus on sustainability risk management and have sector-specific policies and guidelines in place.  
  • They are addressing the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD).  
  • They offer a range of green finance products and services for their clients.  
  • They are greenhouse gas neutral across all their operations globally.
  • They are a signatory to the Poseidon Principles. 

SDG 14: Life Below Water

  • They offer sustainable and impact products targeting ocean conservation.  
  • They are a member of the advisory network for the High-Level Panel for a Sustainable Ocean Economy.

SDG 15: Life on Land

  • They are active in the area of conservation finance.   
  • They have an ongoing advisory role to the Zoological Society of London’s Sustainability Policy Transparency Toolkit (SPOTT).  
  • They consider biodiversity-related issues in their sustainability risk management process and have sector-specific policies and guidelines in place.

Evaluation

Credit Suisse is dedicated to incorporating sustainability throughout its business model. The company has engaged with several sustainability strategies, such as Zoological Society of London and the Poseidon Principles.

Despite having few certificates, awards, and listings, the firm produces a comprehensive report with specific targets and goals for reducing their CO2 emissions, energy consumption, waste, recycling, renewable energy, human rights, and raw material consumption in alignment with the UN Sustainable Development Goals.

In addition, Credit Suisse has made strides to promote sustainability. To see other initiatives, see the Key Points section below.

Despite Credit Suisse’s sustainability initiatives, the bank has invested $82.201 B in the fossil fuel industry. However, its investments have decreased significantly since 2018.

This company has been rated a C. 

Analyst Outlook: Positive

Credit Suisse is on the road to sustainability. Its transparency is paramount along with its ambitious goals to reduce CO2 emissions.

However, the lack of certifications and listings does not support the company’s initiatives and strategies.

The bank could receive a higher rating if it continues its divestment into the oil and gas industry.

Key Points

  • Credit Suisse has been included in leading sustainability indices for a number of years and is assessed by ESG rating providers such as S&P Global (Corporate Sustainability Assessment),Sustainalytics, MSCI and CDP. In 2020, Credit Suisse was once again selected as an index component for both the Dow Jones Sustainability World Index (DJSI World) and the Dow Jones Sustainability Europe Index (DJSI Europe). Furthermore, their CDP climate change score improved to an A-, and Credit Suisse’s MSCI ESG Rating increased to an A.
  • In its Sustainability Report 2020, Credit Suisse is for the first time reporting pursuant to the Sustainability Accounting Standards Board (SASB) Standards.
  • Credit Suisse CSGN.S plans to provide at least 300 billion Swiss francs ($328.41 billion) in sustainable financing over the next decade in areas such as renewable energy and Green Bonds.
 
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