Credit Suisse Group AG suspended plans to buy back up to CHF1.5 billion of its shares in 2020 as the coronavirus pandemic continues to take a toll on economic and market conditions.
In the group's 2019 annual report, Chairman Urs Rohner said the bank's board will review its expectation for the remainder of the share repurchase program. From the program's start on Jan. 6 until March 13, Credit Suisse bought back CHF325 million worth of shares. It expected to buy back at least CHF1.0 billion in 2020.
Rohner added that the bank will push ahead with canceling the shares already bought back through capital reduction.