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Credit Suisse shakes up executives, bank divisions
Tuesday - 11/20/2012, 7:16am EST
GENEVA (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.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)