Credit Suisse merges business units to cut costs
Switzerland’s second largest bank Credit Suisse is combining its private banking and asset management divisions to streamline business and reduce costs. The changes will be implemented by the end of November.
The two units will together form the new Private Banking & Wealth Management Division, the bank said on Tuesday. At the same time, Credit Suisse also reinforced its commitment to its fixed income business by appointing a new co-head to run its investment bank and join its management team.
Credit Suisse is hanging on to its investment bank, while Swiss peer UBS announced last month it would slash about 10,000 jobs and shrink its investment unit to focus on money management.
“This streamlined structure will produce further synergies and help reduce expenses across the bank,” Chief Executive Brady Dougan said in a company statement.
Chairman Urs Rohner said that the new structure would create one of the world’s leading integrated wealth management businesses and one of the first global investment banks.
Last month, Credit Suisse said it plans to save a further SFr1 billion ($1.1 billion) over the next three years, on top of the SFr3 billion cost-cutting programme announced in July.
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