ZURICH: Credit Suisse Group AG will shrink its investment bank and shift more resources to the wealth management unit as part of a restructuring intended to draw a line under a tumultuous year in which it was rocked by the Archegos Capital Management and Greensill scandals. The bank, based in Zurich, is exiting most of its prime services business after the implosion of Bill Hwang’s family office and shifting about US$3bil (RM12.46bil) of capital from the investment bank to the private bank. Credit Suisse will add 500 relationship managers over the next three years and exit 10 markets that it sees as non-core as part of the wealth management strategy. Recent hires include David Wildermuth from Goldman Sachs Group Inc as chief risk officer and Rafael Lopez Lorenzo as chief compliance officer. Colombas previously served under Horta-Osorio as chief risk officer at Lloyds from 2011 to 2020.

Source: The Star November 05, 2021 08:28 UTC