Credit Suisse will merge its retail and private banking arms in Switzerland from January, in a move which will cost 300 jobs at the Swiss bank and save 50 million Swiss francs ($52.76 million).
The restructuring is part of an extra 1 billion Swiss francs in cost cuts announced by Credit Suisse two weeks ago as part of efforts to bolster its profits and capital position.
Credit Suisse executive Christoph Brunner, currently head of Swiss retail operations, will lead the streamlined unit, the bank said.
Rolf Boegli, who is currently operating chief at the private bank, will lead a separate unit of ultra-high net worth clients in Switzerland — typically those with more than $50 million in bankable assets — as well as asset managers…
Choosen excerpts by JMM from
via Credit Suisse to cut 300 Swiss jobs in retail, private bank move | Reuters.
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