Credit Suisse appoints new CEO to trim investment bank amid Q2 losses

The bank will pivot away from investment banking and towards its Wealth Management, Swiss Bank and Asset Management divisions, as Ulrich Körner takes the helm.

Credit Suisse has reported worse-than-expected second-quarter 2022 results, dragged down by poor performance of its investment banking franchise.

The latest results highlight “the urgency for decisive actionand a comprehensive review” in order to strengthen its focus on other business divisions, including Wealth Management, Swiss Bank and Asset Management, all of which it plans to support through “a fundamental transformation of its Investment Bank”, the announcement on Wednesday July 27 said.

The bank posted net group revenue of CHF3.65 billion $3.80 billion, which marks a 29% decrease from its second quarter revenue in 2021, landing below the CHF4.41 billion recorded in the first quarter...

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