Swiss-headquartered Credit Suisse announced yesterday (4 November) it will shift CHF3bn (€2.84bn) of capital to its wealth management division, as well as increase the ratio of capital allocated to the wealth, Swiss bank and asset management operations compared to its investment banking arm. The move is aimed at simplifying its structure into four divisions: its Swiss bank, a global investment bank, asset management and the new global wealth management division. Its prime brokerage business saw $5.5bn in losses when investment fund Archegos Capital Management defaulted in March. Th...
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