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Credit Suisse’s New Chairman Sends Chill Through Investment Bank

  • Horta-Osorio speaks of other units as ‘ancillary’ to wealth
  • Bankers are parsing his language for clues on strategy review
Antonio Horta-Osorio
Antonio Horta-Osorio

Source: Simon Dawson/Bloomberg

Credit Suisse Group AG investment bankers expecting new Chairman Antonio Horta-Osorio to boost their spirits after an exodus of top talent were left disappointed during a recent meeting in London.

The former Lloyds Banking Group Plc chief executive officer, in response to questions, told bankers who’d gathered in person and virtually for the event that the firm had a great wealth management business “with ancillary services,” according to several people who heard the remarks.