Credit Suisse names new CCO, plans strategic overhaul

Credit Suisse

Credit Suisse announced sweeping changes to its strategy and leadership in an attempt to pivot from risky, failed investment ventures and back toward its historic specialty of wealth management.

The Swiss bank plans to restructure over the next three years, including selling off a portion of its investment banking business to Apollo Global Management and shrinking its employee headcount by 2,700 (5 percent) in 2023 and by 9,000 by 2025.

Credit Suisse also said it plans to revive a brand it had mothballed in 2006, CS First Boston, which will be an independent investment bank that will take over what had been Credit Suisse investment bank’s capital markets and advisory activities.

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