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July 29, 2020

Credit Suisse to combine investment bank and capital markets units

Swiss banking group Credit Suisse is reportedly planning to bring together its investment bank and capital markets units as part of a revamp under new CEO Thomas Gottstein.

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The decision, which could be announced along with the bank’s second-quarter earnings release, marks a U-turn on predecessor Tidjane Thiam’s decision to split the units five years ago, reported Bloomberg.

The aim is to boost the performance of the investment bank, which has registered losses in recent quarters.

Plans are also on to merge Credit Suisse’s risk and compliance units, added the report citing people familiar with the issue.

The move is aimed at improving controls at the bank, which was recently embroiled in a spying scandal involving the surveillance of its former wealth head Iqbal Khan as he joined rival UBS.

An internal probe over the matter absolved Thiam and blamed COO Pierre-Olivier Bouée who was ousted.

Credit Suisse was also involved in deals related to scandal-hit firms Wirecard and Luckin Coffee.

The bank helped offload $1bn in Wirecard-linked securities last year amid allegations of accounting botch-ups. Wirecard filed for insolvency last month after the $2bn accounting scandal spilled out into the open and resulted in the arrest of its ex-CEO Markus Braun.

Credit Suisse also offered a margin loan for Luckin Coffee founder Lu Zhengyao. The company was recently in the news for inflating revenues by $300m.

It also began an internal probe into supply-chain finance funds linked to SoftBank.

Credit Suisse stated: “Our strategy works. We are a leading, global wealth manager with strong investment banking capabilities.

“On an ongoing basis, we consider a broad range of options to identify ways to further improve how we serve our clients and achieve our strategic goals in a compliant, profitable way. We are in a constant dialogue on these topics with our investors.”

Free Report
img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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