Credit Suisse to Fence Off Swiss Operations in Extra Unit
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Credit Suisse Group AG, Switzerland’s second-biggest bank, plans to fence off its Swiss operations in a separate unit to make it easier to salvage them in a crisis without a taxpayer bailout.
Credit Suisse will divide its remaining businesses between subsidiaries in the U.K. and U.S., and create a unit housing shared services, to address potential rules for too-big-to-fail banks, the Zurich-based company said in a statement today. The plan, to be implemented starting in mid-2015, needs the approval of the Swiss regulator.