ZURICH (SWITZERLAND) – Credit Suisse announced on Thursday that it was merging its global markets and investment banking divisions. This is the major strategic step initiated by CEO Thomas Gottstein.
The second biggest bank of the country posted a 24% rise in Q-2 net profit to touch 1.162 billion Swiss francs (981.39 million pounds), going past the mean estimate for 700 million Swiss francs.
“We are today announcing a series of strategic initiatives to improve effectiveness and to generate efficiencies,” said Gottstein, who assumed charge in February.
“These initiatives should also help to provide resilience in uncertain markets and deliver further upside when more positive economic conditions prevail.”
It is gunning to generate run-rate savings of 400 million francs annually from 2022 onwards via strategic measures.
The financial institution will also merge its compliance and risk functions under one head.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field