The plan includes the transfer of 1,800 jobs out of London because of the high costs of the city, said the executive on Wednesday. Thiam also said it plans to redu loan credit insurance ce the bank's staff in Switzerland in a net total of 1,600 positions over the next three years.
Credit Suisse is emphasizing the wealth management area and growth in Asia, while reducing the investment banking area, echoing rivals initiatives such as UBS and other banks to cut a segment where stricter regulations are pressuring profitability.
The results of the third quarter, which had described it as "not very good", revealed the need for change in bank headquartered in Zurich. Earnings before taxes for the third quarter fell 34% to 861 million Swiss francs, compared to the same period last year, mainly reflecting the 8% drop in net revenue.
Thiam said that Credit Suisse will place more focus on wealth mana loan credit insurance gement, especially in emerging markets, and reduce the size of its investment bank, cutting 2 billion francs in annual costs.
Credit Suisse plans to raise 1.35 billion Swiss francs from the sale of shares to a group of investors at a discount of 5.5% on the closing price on Tuesday. Another 4.7 billion will be raised through an issue to existing investors of the bank.
Thiam said that Credit Suisse's capital ratio is expected to rise to 12.2% and that the bank intends to maintain this percentage above 12%.
