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The Big Take

Credit Suisse Investment Bankers Are Bracing for Brutal Cutbacks

Staff anticipate deep cuts from the latest emergency restructuring, as the Swiss bank gives up its ambitions to be a titan of Wall Street. 

Bloomberg business news
Credit Suisse Braces for Carve-Up of Investment Bank
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As someone who’s driven in the Beijing to Paris rally in a vintage Porsche, Ulrich Koerner knows all about staying the course. But the new boss of Credit Suisse Group AG seems to have had enough of the Swiss giant’s investment bank.

The gloves are finally off in Zurich. After years of past chief executive officers tinkering at the edges of a misfiring machine that lost $1 billion in the first six months of 2022, bankers now fear a torching of much of the division. Credit Suisse’s decades of dueling with the titans of Wall Street for a place among the bulge-bracket investment bank elite are potentially over.