Like slalom skiers, Credit Suisse executives frequently find themselves careering downhill dodging obstacles. A series of ill-judged turns — the Greensill and Archegos scandals — have forced the bank to change direction
Credit Suisse is shutting its struggling prime brokerage unit, responsible for huge losses earlier this year. It is shifting capital into wealth management, an increasingly crowded trade.
Shareholders had hoped for more from new chair António Horta-Osório, previously chief executive of UK bank Lloyds. Credit Suisse will struggle to compete against its huge crosstown rival UBS.
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