Credit Suisse Considers Restructuring into a Single Private Bank
Credit Suisse Group AG (Credit Suisse), a leading financial services company, advising clients in all aspects of finance, is considering an overhaul by centralizing its management, creating a single private bank, for the purpose of cutting operational costs.
Some executives of Credit Suisse advice to combine the bank’s three separate divisions -- the international business, Swiss business and a separate Asia-Pacific unit into one group, which would offer better benefits and tighter control.
Moreover, Credit Suisse executives have discussed in the past a merger with UBS.
Previously, Fazzaco learned that the Swiss bank posted a loss of $251 million for the first quarter of 2021, which is mainly due to its strong business ties with Archegos and supply chain finance firm Greensill Capital. Archegos’ implosion in March resulted in Credit Suisse’s loss of $5bn, and the collapse of Greensill Capital also has severely struck the bank.
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