About six months after UBS Group AG decided to merge its wealth management businesses into one super-unit, rival Credit Suisse Group AG is said to be taking a different approach.
The bank plans to split its key international private banking unit into seven regions from four, with each having its own management and greater decision-making power, according to people briefed on the matter who asked not to be identified as the plan is private.
An announcement on the reorganization, dubbed “Project Momentum,” could come as soon as this week, they said.
Switzerland’s second-biggest bank is approaching the final phase of a broader three-year overhaul that aims to focus more on wealth management rather than volatile investment-banking services.
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UBS earlier this year merged its Americas and international wealth units into one business co-led by ex-Commerzbank CEO Martin Blessing and Tom Naratil, saying the move would help shave 100 million francs ($101 million) off its annual costs.