Credit Suisse to cut investment bank in wealth-led restructuring

FILE PHOTO: The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. REUTERS/Arnd Wiegmann

ZURICH: Credit Suisse Group AG will shrink its investment bank and shift more resources to the wealth management unit as part of a restructuring intended to draw a line under a tumultuous year in which it was rocked by the Archegos Capital Management and Greensill scandals.

The bank, based in Zurich, is exiting most of its prime services business after the implosion of Bill Hwang’s family office and shifting about US$3bil (RM12.46bil) of capital from the investment bank to the private bank.