Credit Suisse is looking for investors to separate consulting and investment banking into a separate structure
[ad_1]
Credit Suisse is looking for an outside investor as part of its forthcoming restructuring plan to finance the spin-off of the consulting and investment banking business into a separate company. This is reported by Bloomberg, citing its own sources in the Swiss bank.
Credit Suisse CEO Ulrich Kerner, who took office on Aug. 1, is primarily looking to isolate the investment banking division, which has been the subject of a series of scandals in recent years and is suffering huge losses, according to sources.
In addition, according to sources, the management of Credit Suisse wants to isolate itself from the business allocated to a separate structure at the naming level. To do this, the company is going to revive the First Boston brand, a New York investment bank that existed for almost 60 years until it was acquired in 1990 by Credit Suisse. His mention disappeared from the name of the Swiss bank’s US business in 2006.
Credit Suisse completed second quarter with a loss of CHF1.6 billion ($1.7 billion), despite the fact that analysts expected the bank to lose only CHF206 million francs. In addition, the departure of CEO Thomas Gottstein was announced, during whose reign the bank was at the center of a number of scandals, and its share price fell by 40%.
[ad_2]
Source link
