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Credit Suisse Overhauls Investment Bank; Beats on Profit

  • Swiss lender also combines risk and compliance functions
  • Earnings beat estimates; plans 400 million francs cost savings
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Credit Suisse Group AG beat profit estimates and embarked on a sweeping overhaul of the investment bank in Chief Executive Officer Thomas Gottstein’s first major revamp of the Swiss lender.

The restructuring was announced as a trading rally helped fuel a 24% increase in net income to 1.16 billion Swiss francs ($1.27 billion), beating analysts’ estimates. The revamp includes a new cost savings program, and Credit Suisse will merge its advisory and its trading business into a single division led by global markets head Brian Chin, according to a statement Thursday.