Credit Suisse, UBS Take Different Tack to Managing Wealth Units
- Credit Suisse is said to be giving more autonomy to regions
- Announcement on split could come this week: people familiar
Photographer: Akos Stiller/Bloomberg
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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.