Credit Suisse is to split its private banking & wealth management business from its investment banking arm.
The newly-created private banking & wealth management division will be headed by Hans-Ulrich Meister and Robert Shafir.
Eric Varvel and Gael de Boissard will head the investment banking division. De Boissard will become chief executive of UK businesses Credit Suisse International and Credit Suisse Securities (Europe).
Credit Suisse chairman Urs Rohner says: “The momentum we have with clients and our financial performance over the first nine months of 2012 clearly indicate that our evolved strategy is working.
“We have transitioned to the new capital regime, substantially reduced risk-weighted assets, balance sheet size and expenses and we have rebalanced resources towards our higher returning businesses.
“The changes announced today are a stepping-up of our strategy. They will better align product development, advice and distribution and they will further reduce complexity across the bank for the benefit of all our clients and stakeholders.”
He adds: “The new structure will create one of the world’s leading integrated wealth management businesses and one of the first global investment banks that is in alignment with the new regulatory reality.”