Credit Suisse is about to restructure its organization like never before. The Swiss banking unit will be floated, prominent executives will leave, cost cuts executed – new growth plans are however also in the pipeline.

Credit Suisse, Switzerland's second-biggest bank, will position itself as a bank for wealthy entrepreneurs in emerging markets and use synergies between wealth management and the investment bank, the company said in a statement on Wednesday.

The institute plans a partial initial public offering for its universal bank in Switzerland until the end of 2017. With the IPO, Credit Suisse wants to generate fresh capital.

Cost Cuts

The capital costs at the investment bank will be reduced and the balance sheet strengthened through a proposed rights offering of approximately 4.7 billion francs and a private placing of about 1.35 billion.

Credit Suisse will cut about 3.5 billion francs in costs, while at the same time earmarking 1.5 billion for new growth initiatives.

Organizational Restructuring

The new organizational structure is designed to be in line with the strategic objectives of the bank, with three geographic regions – the Swiss Universal Bank, Asia Pacific and International Wealth Management. The investment bank is divided into Global Markets and Investment Banking and Capital Markets.

The change in structure has consequences for executives at the bank. Gaël de Boissard, Hans-Ulrich Meister, Robert Shafir and Pamela Thomas-Graham have to leave the company.

The company executive under the guidance of CEO Tidjane Thiam will be made up of the following people:

  • Thomas Gottstein, Swiss Universal Bank

  • Helman Sitohang, APAC

  • Iqbal Khan, International Wealth Management

  • Timothy O’Hara, Global Markets

  • James L. Amine, Investment Banking and Capital Markets

  • David Mathers, Chief Financial Officer

  • Romeo Cerutti, General Counsel

  • Joachim Oechslin, Chief Risk Officer

  • Pierre-Olivier Bouée, Chief Operating Officer

  • Lara Warner, Chief Compliance and Regulatory Affairs Officerr

  • Peter Goerke, Human Resources, Communications and Branding