Credit Suisse or CS has recently announced a series of changes to re-model its business. Key changes include a reduction in macro trading, a pull out of European govvies trading, and a one-third cut in London based jobs as a starting point. Over time, CS seeks to further reduce it investment bank by 20% and seek to align it with wealth management operations.
Another part of this plan is to raise some SFr 6billion in new capital from institutional buyers such as Blackrock and Temasek. Is this another UBS or a more unique story in global banking?
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