Credit Suisse to dismantle asset management arm

City A.M. Reporter
Credit Suisse this morning announced it would dismantle its asset management division, and combine it with its private banking arm into a new division.

The Zurich-based bank’s new private banking and wealth management division will be led by current head Hans-Ulrich Meister and asset management head Robert Shafir.

Meister will run private banking in Switzerland, Europe, the Middle East, Africa, and Asia, as well as all Swiss client businesses.

Shafir will take responsibility for all private banking and asset management operations in the Americas.

Meanwhile, Credit Suisse said that fixed income executive Gael de Boissard had been promoted to head the investment banking division alongside Eric Varvel.

De Boissard will join the executive board, and continue to head up the fixed income department with current chief Varvel, who will run equities and the investment banking department, which includes corporate finance.

The move comes three weeks after the bank said it would cut an extra CHF1bn of costs to bolster its profits.