Credit Suisse is considering teaming up with private investors to spin off part of its US fixed income business in a move designed to cut its capital costs, as banks around the world face declining revenues from trading bonds.
The Swiss bank partnered with Tower Research, a high-frequency trading group to create a electronic market-making business – Wake USA – for US government bonds.
Credit Suisse is considering selling a stake to outside firms, expanding the business, according to people familiar with the bank’s thinking. That could allow the bank to deconsolidate Wake, currently a Credit Suisse subsidiary, and help free it from new rules that apply to banks.
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