© Reuters. FILE PHOTO: Switzerland’s nationwide flag flies above the brand of Swiss financial institution Credit score Suisse at its headquarters in Zurich, Switzerland April 18, 2021. REUTERS/Arnd Wiegmann
ZURICH (Reuters) -Credit score Suisse Group is urgent forward with its strategic evaluate that features potential divestitures and asset gross sales, the Swiss financial institution stated on Monday, reiterating it might share extra particulars with third-quarter outcomes due on Oct. 27.
“Whereas there was a heightened stage of media and market hypothesis in regards to the potential consequence over the previous days, the financial institution is dedicated to offering additional particulars on the progress of the strategic evaluate…,” it stated in an announcement.
Because it stated in July, it was contemplating measures to strengthen its flagship wealth administration franchise, reduce its funding financial institution right into a “capital-light, advisory-led” enterprise with a extra centered markets enterprise, consider strategic choices for the Securitized Merchandise enterprise, and lower its price base to under 15.5 billion Swiss francs ($15.75 billion).
The board of administrators and the chief board had been contemplating alternate options that transcend the conclusions of final yr’s strategic evaluate, it stated.
It added: “The financial institution is at the moment executing on a lot of strategic initiatives together with potential divestitures and asset gross sales.”
Citing individuals accustomed to the scenario, Reuters reported final week that Credit score Suisse is sounding out traders for contemporary money because it makes an attempt a radical overhaul of its funding financial institution.
($1 = 0.9839 Swiss francs)
