FRANKFURT/ZURICH : Credit Suisse will pare back its investment bank and focus on building its wealthy client base, the Swiss bank said on Thursday, as it regroups following a string of scandals.
"Risk management will be at the core of our actions, helping to foster a culture that reinforces the importance of accountability and responsibility," said chairman Antonio Horta-Osorio Credit Suisse plans to hire 500 more private bankers over the next three years, with the aim of having 1.1 trillion Swiss francs of assets under management by 2024 compared with 0.9 trillion currently.
Over the past year, Credit Suisse has been fined for arranging a fraudulent loan to Mozambique, tarnished by its involvement with defunct financier Greensill, racked up US$5.5 billion in losses when Archegos collapsed, and been rebuked by regulators for spying on executives.