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Credit Suisse gets new head for investment Bank

Credit Suisse is occupied by a recently rather disappointing development in the investment Bank, the top management of the division. The credit specialist David Miller take on the role, informed the Swiss Bank on Monday.

the Bank's chief Tidjane Thiam praised the leadership qualities of the long-term Credit-Suisse-Manager. He had a lot of experience, a comprehensive understanding of the markets and have proved that he could implement his plans well, said Thiam. His predecessor, James L. Amine from step in and take over a newly created Position at the Bank in New York.

With the change, Credit Suisse is reacting to the mixed record of the division, the advice for company acquisitions and Disposals and corporate support, foreign capital, or to place new shares.

so far this year, the investment Bank, wrote in the first and in the third quarter, losses in the second quarter, a small pre-state-tax profit of six million francs.

loss of market share

This development is also reflected in the so-called League Tables, in which investment bankers measure their own performance in comparison to the competition. Also in this Refinitiv data provided, the Bank has recently lost market share in many areas.

"some Deals have come to nothing, in the case of other Credit Suisse has not come to the train," said a familiar with the Situation Person. With the personnel Changes, the Bank would now be for fresh Wind and, in particular, the Advisory business for mergers and Acquisitions to expand. The new chief Miller had worked so far, mainly in the credit area.

"But it would be wrong to assume that this is the direction in which Credit Suisse intends to develop. The focus will be on M&A," said the Person. The Institute of wool increase, especially in key sectors such as technology or health personnel. Whether Credit Suisse plans to do with the change in leadership is also a cost-saving program, was not yet in sight. The focus will be to increase earnings, said the Person.

experts react positively

the experts at The Zurich cantonal Bank said that the chief change was a positive development. "He will have to lead the Turnaround of this unit." On the stock exchange of the personnel proposed, no big waves: The Credit Suisse shares fell 0.7 percent.

in addition to the chief, Credit Suisse also exchanges the Board of Directors, chief for the division: This function, Mr. Varvel take – in addition to its previous functions, among others as head of Asset management. His predecessor, Harold Bogle will Vice-Chairman.

Credit Suisse is a with your problems, not alone: the rival UBS draws under its investment Bank, just a tag: together the two previously separately-run trading activities and is focused in the business with Acquisitions, and IPOs on promising sectors. In addition, the Institute is planning a reduction of staff in the management level of the division.

(red/sda)

Created: 11.11.2019, 08:23 PM

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