Credit Suisse Drops as Investors Question Strategy's Targets
- Bank plans to hold IPO of Swiss banking unit by 2017
- Third-quarter wealth, investment bank profit misses estimates
Credit Suisse Shifts Focus to Wealth Business
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Credit Suisse Group AG investors questioned Tidjane Thiam’s plan to prioritize wealth management over the investment bank and rely on growth in Asia while tapping shareholders to bolster capital.
In the multi-year plan the bank will reorganize along geographical lines and split and shrink the securities unit, Credit Suisse said on Wednesday. The company plans to hold an initial public offering of the Swiss business to raise funds and make acquisitions, while cutting 5,600 jobs across the U.S., the U.K. and Switzerland.