Credit Suisse to integrate Leu

Credit Suisse Group AG will fully integrate private bank Clariden Leu into its organisation, ending the 250 year-old Leu brand and cutting jobs to achieve SwF200m (£138m) in annual cost savings.

Credit Suisse said the step was part of plans announced earlier this month to increase the contribution of its private bank to group pretax income by SwF800m by 2014.

The integration would mean a total of 550 jobs will be lost.