Credit Suisse dismantles asset management

Credit Suisse dismantles asset management
Swiss bank Credit Suisse CEO Brady Dougan speaks to Anne Lachat, Chair of the Swiss Financial Market Supervisory Authority during the Swiss Banking Global symposium.

ZURICH - Credit Suisse said on Tuesday it will dismantle its asset management unit into its private bank and promote fixed-income executive Gael de Boissard to co-run its investment bank.

The moves come three weeks after the bank said it will cut an extra 1 billion Swiss francs ($1.1 billion) of costs as part of efforts to bolster its profits and capital position.

Reuters reported in September Credit Suisse was preparing to dismantle its sub-scale asset management unit.

De Boissard will join the Zurich-based bank's top management and jointly head the investment bank with current chief Eric Varvel, who will run equities and the investment banking department, which includes corporate finance.

At the private banking unit, which looks after the financial affairs of wealthy clients, current head Hans-Ulrich Meister will be joined by asset management head Robert Shafir.

Meister will run private banking in Switzerland, Europe the Middle East, Africa, and Asia, as well as all Swiss client businesses.

Shafir will take responsibility for all private banking and asset management operations in the Americas.

"The changes announced today are a stepping-up of our strategy," Credit Suisse chairman Urs Rohner said in a statement.

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