Credit Suisse moving toward wealth management in Asia

Wealth Professional via Bloomberg

Credit Suisse Group AG will raise about US$6.3 billion of capital as part of a broad reorganisation that will increase the bank’s focus on Switzerland and wealth management in Asia as it scales back the securities unit.

The bank, reporting earnings that missed analysts’ estimates, said it plans an initial public offering of its Swiss banking unit by the end of 2017 to take advantage of consolidation in the country. Credit Suisse also plans to save 3.5 billion francs in costs by the end of 2018 on a gross basis, Zurich-based Credit Suisse said Wednesday.

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