The Swiss bank is rolling its business with wealthy clients into one unit and strengthening it at the expense of its investment bank.
Credit Suisse will cut its Asian Pacific division and divide the business into wealth management, investment bank, Swiss bank and asset management, according to a statement Thursday.
This streamlines its three private banks into one as finews.com reported. The bank will announce the heads of these its new units by year-end.
The bank will reduce capital in the investment bank by more than $3 billion by the end of 2022, while it will reassign capital to the newly formed private bank.
The new structure comes after António Horta-Osório, a 57-year-old Portuguese-British banker, took over six months ago as chairman at Credit Suisse after its finances, capital, and reputation took a severe hit.
