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A Credit Suisse sign can be seen outside its US headquarters in New York City’s Manhattan neighborhood on September 1, 2015. REUTERS / Mike Segar
September 21 (Reuters) – Credit Suisse Group AG (CSGN.S) Seeks to Move Investment Banking Operations in Asia to Global Securities and Advisory Business, Bloomberg News reported Tuesday, citing people familiar with the matter.
The potential consolidation is part of a larger overhaul launched by President Antonio Horta-Osorio in a bid to turn around the Swiss bank, which has been facing problems on multiple fronts since the fallout from the Archegos collapse.
The latest plan would reflect the bank’s decision last year, when it moved business from the Asian market to the global securities and advisory unit, the report added.
A final decision on the matter has yet to be made, the report said, adding that the bank’s board is due to meet next week to discuss its strategic review.
McKinsey & Co advises the board on the move, Bloomberg News reported.
Report by Sohini Podder in Bengaluru; Editing by Shailesh Kuber
Our standards: Thomson Reuters Trust Principles.
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