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20/11/2012 07:12:00

Credit Suisse to Split Private Bank From Investment Bank - Report

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ZURICH--Credit Suisse Group AG (CS) plans to split its private bank business from its investment bank, and its asset-management unit will be dissolved and integrated into its wealth-management unit, Tagesanzeiger reports Tuesday, without providing sources.

Credit Suisse wasn't immediately available for comment.

The planned revamp at Switzerland's second-largest bank is designed to achieve a clear separation between the bank's Swiss and U.S. operations, the report said.

This will lead to changes in senior management and a concentration of the investment bank activity in New York, though Brady Dougan will remain chief executive of the group and Hans Ulrich-Meister will continue to head wealth management, the report said.

The move follows the recent decision of rival UBS AG (UBS) to scale back its investment bank business and shed 10,000 jobs, though the Credit Suisse revamp of its investment bank unit won't be as radical, the report said.

Newspaper website: www.tagesanzeiger.ch

Zurich Bureau, Dow Jones Newswires; +41 43 443 8040; zurichdjnews@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

November 20, 2012 01:12 ET (06:12 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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