Credit Suisse splits private banking unit
Credit Suisse Group is splitting its Europe, Middle East and Africa private banking unit into two to better address the diverging needs of clients in Western and Emerging Europe, the private banking unit's chief executive, Hans-Ulrich Meister, said Monday.
Credit Suisse will cut its bonus pool by 40% and is combining two units in a bid to cut costs, the newspaper Der Sonntag reported, in the wake of poor investment banking performance and an increased regulatory burden.