December 15, 2011Credit Suisse Pushes on Integration
Zurich, Credit Suisse Group plans to integrate the operational functions of its private-banking and investment-banking divisions into a new global entity, as the Swiss bank seeks to cut costs and improve profits.
The new unit, which will be combined effective Jan. 1 and report to Chief Financial Officer David Mathers, will be led by Gary Bullock.
This latest move, which seeks to make the two businesses work more closely with each other, comes as the banking industry faces a profit squeeze amid a global crackdown on tax havens, dismal financial markets, deteriorating economic prospects and tougher regulators.
The move at Credit Suisse, Switzerland's second-largest bank by assets, comes after it said last month that it will fold its Clariden Leu subsidiary into the rest of the bank, eliminating a brand that has been around for more than 250 years.
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