Private banking subsidiary Clariden Leu is to
be fully integrated back into Credit Suisse in a bid to save around
CHF200m ($218m) annually.

Part of the reduction will come from staff
cuts. Credit Suisse said it will reduce group’s headcount by 3%
over two years, in addition to the 4% it already announced in its
Q3 result.

This equates to about 3,500 staff across the
group, the amount to be cut from its private banking business was
not disclosed.


CHF800m private bank contribution

Clariden Leu’s integration is part of Credit
Suisse’s strategy to increase the private bank’s contribution to
the group’s pre-tax income by CHF800m by 2014.

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By GlobalData

Clariden Leu, with assets under management of
CHF94bn, was created in 2007 following the merger of the four
Credit Suisse private banks: Clariden Bank, Bank Leu, Bank Hofmann
and BGP Banca di Gestione Patrimoniale.

The Clariden Leu Group employed 1,738 staff as
at 31 December 2010.

The legal and operational integration of
Clariden Leu is expected to be completed by the end of 2012, Credit
Suisse said.


Leadership reshuffle

Credit Suisse’s private banking chief
executive Hans Ulrich Meister has been appointed as chairman of the
board of directors at Clariden Leu.

Current chief executive Olivier Jaquet is to
step down and is being succeeded by Hanspeter Kurzmeyer, who will
also assume the role of head of the integration project.