The bank, based in Zurich, is exiting most of its prime services business
The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich on November 3 2021. Picture: REUTERS/ARND WIEGMANN
after the implosion of Bill Hwang’s family office and shifting about $3bn of capital from the investment bank to wealth management, according to a statement on Thursday. The bank is also reorganising into four divisions and said that it will create a single wealth management unit, as reported earlier this week by Bloomberg.
“Risk management will be at the core of our actions, helping to foster a culture that reinforces the importance of accountability and responsibility,” Horta-Osorio said in the statement.
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