Quantcast


Last updated: February 19. 2013 6:16PM - 187 Views

Story Tools:

Font Size:

Social Media:

(AP) Credit Suisse Group says it is overhauling its investment banking division and merging its private banking and wealth management arms to cut costs and satisfy regulators.


Switzerland's second-largest bank, which has been shedding thousands of jobs to counter falling profits, announced the shakeups Tuesday to take effect at the end of November.


Chief Executive Brady Dougan said the bank restructured our investment banking model resulting in a high returning, lower risk, client-oriented business. Our private banking model is highly scalable and suited for the new regulatory environment. And we have sharpened the focus of our asset management business.


Last month, the Zurich-based bank said it would boost cost-cutting as it posted a 63 percent fall in third-quarter profit following an accounting charge on its debt.


Associated Press
Comments
comments powered by Disqus



Featured Businesses


Poll



Info Minute



Gas Prices

Wilkes-Barre Gas Prices provided by GasBuddy.com