Swiss investment bank Credit Suisse will be exempt from the overhaul | Techy Kings


ZURICH, Nov 18 (Reuters) – The Swiss arm of investment bank Credit Suisse will be largely unaffected by the restructuring plan the bank announced last month, Jens Haas, Switzerland’s head of investment banking, said.

“We will maintain our full footprint here in Switzerland, so from a customer perspective and a market perspective, of course nothing will change,” he told Swiss newspaper L’Agefi.

Along with a 4 billion Swiss franc ($4.2 billion) capital increase and thousands of job cuts, Credit Suisse plans to cut back its scandal-plagued investment bank in a shift toward banking for the wealthy.

“Swiss Investment Banking will become part of the Swiss Bank division – which has happened before this year,” Haas said.

In terms of share of wallet, Swiss investment banking is the market leader in the alpine state with about 13%, he said.

($1 = 0.9531 Swiss francs)

Report by Noele Illien; Editing by Kirsten Donovan

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