Credit Suisse's Swiss investment bank to be spared in overhaul

Reuters

Published Nov 18, 2022 12:01AM ET

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

"We will retain our full footprint here in Switzerland, so from a client perspective and a market perspective, certainly nothing will change," he told Swiss newspaper L'Agefi.

Along with a 4 billion Swiss franc ($4.2 billion) capital raise and thousands of job cuts, Credit Suisse is planning to scale back its scandal-hit investment bank in a shift towards banking for the wealthy.

"Investment Banking Switzerland will become a part of the Swiss Bank division – which had already been the case before this year," Haas said.