Credit Suisse also announced structural changes including setting up of a global investment bank unit combining its global markets and investment banking divisions. The bank will also a new savings program of about 400 million Swiss francs per year from 2022.
Thomas Gottstein, the chief executive officer said:
I am certain that the measures we outline today are the right ones to further strengthen our integrated model, being a global leader in wealth management with strong global investment banking capabilities. These initiatives should also help to provide resilience in uncertain markets and deliver further upside when more positive economic conditions prevail.
The bank’s announcements also included the promotion of Brian Chin to head its investment bank and David Miller stepping down from the executive board.
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