December 3, 2022

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

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© Reuters. FILE PHOTO: A man enters the Credit Suisse offices in the Manhattan borough of New York City, U.S. July 5, 2016. REUTERS/Brendan McDermi

ZURICH (Reuters) – The Swiss arm of Credit Suisse’s investment bank will be largely unaffected by the restructuring plan the bank announced last month, said Jens Haas, head of investment banking Switzerland.

“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)

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