- Company May Cut Investment Bank, Shuffle Management: SamS
- New Strategic Measures Tied to Planned Capital Increase: SamS
Credit Suisse Group AG, Switzerland’s second-biggest bank, is poised to announce strategic changes tied to a planned capital increase as early as October, Schweiz am Sonntag reported, citing unidentified people.
Daniela Haesler, a spokeswoman for the Zurich-based company, declined to comment on the article in a telephone call with Bloomberg News.
Credit Suisse may reduce prime-brokerage and fixed-income businesses and a sale of its U.S. private banking business may be on the cards, according to the newspaper. The potential measures, which have yet to be approved by the board of directors, are designed to strengthen the lender’s capital base and enable investment in new businesses, Schweiz am Sonntag said.
Chief Financial Officer David Mathers may move amid management changes, it said.
Chief Executive Officer Tidjane Thiam said in July he plans to shrink parts of the investment bank and focus on growth in Asia and wealth management, mirroring the approach of UBS Group AG, Credit Suisse’s larger rival.