Swiss credit announced a capital increase of 6 billion francs, equivalent to more than 5,5 billion euros. The measure, decided after a series of disappointing budget results, will be accompanied by a cost reduction plan. Chief Executive Officer Tidjane Thiam has chosen to take over the investment banking division. In general, the group aims at reduce annual costs by 3,5 billion francs by 2018.
The markets do not react well: in the late morning le Crédit Suisse shares on the Zurich Stock Exchange they show a drop of 3,86%, to 23,93 francs.
For the Bank there are also several changes at the top: Gael de Boissard, who had a significant role in the investment bank, and the co-directors of private banking and asset management, Hans-Ulrich Meister and Robert Shafir, are leaving the Board, together with the number one in marketing , Pamela Thomas-Graham.
International wealth management will be taken over by Iqbal Khan, while the leadership of investment banking and market activities will pass to James Amine, who is already a member of the board.
