Credit Suisse’s Swiss investment bank to be spared in overhaul

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“We will retain our full footprint here in Switzerland, so from a client perspective and a market perspective, certainly nothing will change,” he told Swiss newspaper L’Agefi.

Along with a 4 billion Swiss franc ($4.2 billion) capital raise and thousands of job cuts, Credit Suisse is planning to scale back its scandal-hit investment bank in a shift towards banking for the wealthy.

“Investment Banking Switzerland will become a part of the Swiss Bank division – which had already been the case before this year,” Haas said.

In terms of wallet share, investment banking Switzerland was the market leader in the alpine state with roughly 13%, he said.

($1 = 0.9531 Swiss francs)