Credit Suisse is to combine its private banking and asset management divisions to create a wealth management arm.
The group said in a stock exchange announcement this morning that the Private Banking and Asset Management divisions will be combined to form the Private Banking & Wealth Management Division.
New appointments to the board have also been made as a result of the restructure.
Hans-Ulrich Meister and Robert Shafir will lead the new division, with Meister overseeing private banking and Shafir head of private banking & wealth management, which includes asset management products.
Many other asset management groups - including Old Mutual - have already moved to target their businesses at wealth managers.
Brady Dougan, chief executive of Credit Suisse, said the new streamlined structure will help to accelerate the execution of the firm's business strategy.
"We have made good progress in acting early and proactively to adapt our businesses to a fundamentally changed environment," he said.
"We have restructured our investment banking model resulting in a high returning, lower risk, client oriented business and our private banking model is highly scalable and suited for the new regulatory environment."
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