Credit Suisse’s CEO Ulrich Körner is making radical changes its investment bank to make it “simpler, more stable and with a more focused business model built around client needs.”
The most striking aspect of the plan is to spin-off its investment banking and capital markets division into a new capital markets and advisory firm called CS First Boston.
Michael Klein, who has been appointed CEO of CSFB, will now spend the coming months deciding which businesses and teams will move across, and which will be cut. One source said that overall, the new CSFB could have around 2,000 staff globally based on its current businesses.
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