Credit Suisse plans to all but exit the prime brokerage business that left it with $5.1bn of losses this year, as new chair António Horta-Osório unveiled a restructuring of the troubled lender.
In a new strategy outlined on Thursday, Credit Suisse will consolidate its wealth management division and streamline its investment bank, including mostly exiting its prime broking unit that serves hedge funds and was at the heart of the losses incurred from the collapse of family office Archegos Capital.
Horta-Osório, who joined as chair in April, has spent the past six months planning a revamp of a bank beset by crises in recent years.
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