Credit Suisse may be due for ‘massive downsizing’, UBS chief hints

‘Strategic adjustments’ implemented in UBS will be applied to Credit Suisse to 'reduce the risks of the combined bank for Switzerland', Sergio Ermotti says

Sergio Ermotti, UBS chief. Picture: Bloomberg

Credit Suisse Group AG may be due for a “massive downsizing” of its investment banking businesses after its takeover by UBS Group AG, chief executive officer Sergio Ermotti said in an article.

UBS went through similar steps in Ermotti’s earlier tenure, the CEO wrote in an opinion piece in Swiss newspaper Tages-Anzeiger on Saturday. He also said that the firm had simplified its structure and that a “prudent corporate culture” is at the core of ...