Credit Suisse to Present Thiam's Strategic Update on October 21

Credit Suisse Group AG, Switzerland’s second-largest bank, said it plans to present its strategic update along with third-quarter earnings on Oct. 21.

The update will provide business plans and organization, the Zurich-based bank said in a statement on Thursday. Credit Suisse Chief Executive Officer Tidjane Thiam, who took over in June from Brady Dougan, said in July he plans to shrink parts of the investment bank and focus on growth in Asia and wealth management, an approach that may mirror that of Swiss rival UBS Group AG.

Credit Suisse is poised to announce plans to sell its U.S. private bank and scale back its prime brokerage and fixed-income businesses, Swiss newspaper Schweiz am Sonntag reported on Sunday. Those measures may be accompanied by a capital increase, the newspaper said, without identifying its sources.

The shares are up about 3.5 percent this year, while UBS has gained 14 percent.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE