Return on equity
Our medium-term target is to achieve a return on equity (RoE) of more than 10%. In 2017, we achieved an RoE of 5.9%, compared with 0.8% in 2016. In 2016, significant items, which included a write-off of goodwill in Global Private Banking in Europe, costs to achieve and adverse fair value movements arising from changes in credit spread on our own debt designated at fair value, had a significant effect on our reported RoE.
We will continue to invest for growth and manage our capital efficiently to achieve our medium-term target of an RoE of more than 10%.