Credit Suisse Group is reportedly weighing options to separate its asset management unit from the much larger wealth management division.
The development comes as the Swiss group’s CEO Thomas Gottstein attempts to turn around the group after the breakout of Greensill scandal across the bank’s businesses.
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Speaking at a Morgan Stanley conference, Gottstein stated that having asset management as a sub-division of the much larger business catering to wealth and HNW individuals is something he always had some doubts about.
“It’s something we are looking at, together with the board,” Gottstein said, according to Reuters.
Credit Suisse was reviewing the restructure of its asset management unit after the bank closed down its funds last year and laid off staff after its performance took a hit from market volatility induced by Covid-19 pandemic.
Owing to the doubts on asset valuations, the lender was forced to suspend and then liquidate $10bn of funds it ran with Greensill.
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By GlobalDataNew chief economist Switzerland
Credit Suisse has named its current Swiss macro analysis and strategy head Claude Maurer as the new chief economist in Switzerland.
Maurer will assume his new responsibility on 1 June 2021.
He succeeds Oliver Adler, who is set to retire at the end of May after a 35-years long career in the financial sector.
Adler and his team was responsible for delivering “comprehensive, high-quality” analysis of the Swiss and global economy, and several special topics, including monetary policy and global debt.
In addition to his charitable commitments, he will continue to address developments in the global and Swiss economy as a new member of the Advisory Board of the Swiss Institute for Business Cycle Research (KOF) at the Swiss Federal Institute of Technology.
Credit Suisse global head of economics and research Nannette Hechler-Fayd’herbe said: “I would like to thank Oliver for his contribution to Credit Suisse over many years and his valuable expertise on the Swiss and global economy, as well as on central banking.
“I wish him all the best for the future. Claude Maurer, a seasoned expert on complex economic and financial market topics and an authority on the Swiss economy, will lead the Swiss Economics team as Chief Economist Switzerland in the future.”
