© Reuters. FILE PHOTO: A Credit Suisse sign is seen on the exterior of their Americas headquarters in the Manhattan borough of New York City, September 1, 2015. REUTERS/Mike Segar
(Reuters) – Credit Suisse (SIX:) Group AG is looking to move its Asian investment banking operations into its global securities and advisory business, Bloomberg News reported on Tuesday https://www.bloomberg.com/news/articles/2021-09-21/credit-suisse-weighs-asia-investment-bank-changes-in-overhaul, citing people familiar with the matter.
The potential consolidation is part of a wider overhaul put into motion by Chairman Antonio Horta-Osorio in an effort to turn around the Swiss bank, which has been facing issues on multiple fronts since the fallout from the Archegos collapse.
The latest plan would mirror the bank’s move from last year, when it shifted Asian market activities into the global securities and advisory unit, the report added.
A final decision on the matter has not been made yet, the report said, adding that the bank’s board is set to meet next week to discuss its strategic review.
McKinsey & Co is advising the board on the move, Bloomberg News reported.
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