ZURICH - Credit Suisse Group is set to announce a sweeping overhaul of its business as chief executive officer Thomas Gottstein seeks to tighten controls and boost the performance of the investment bank.
The bank may announce the changes as soon as Thursday , when it reports second-quarter results, the people said. "Our strategy works," Credit Suisse said in a statement."We are a leading, global wealth manager with strong investment banking capabilities. On an ongoing basis, we consider a broad range of options to identify ways to further improve how we serve our clients and achieve our strategic goals in a compliant, profitable way. We are in a constant dialogue on these topics with our investors.
The bank also helped sell US$1 billion of Wirecard-linked securities last year after questions were raised about the German company's accounting. SoftBank had initially agreed to buy the convertible debt, but then cut its exposure through a series of transactions. Last month, Wirecard filed for insolvency.
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