Credit Suisse’s newly created investment bank lays out plans in memo
NEW YORK — Credit Suisse Group’s newly created investment bank, CS First Boston, will advise on mergers and acquisitions, raise capital for clients through equity and debt markets, and provide leveraged finance as part of its core offerings, according to an internal memo seen by Reuters.
“CS First Boston will be global with a presence in all regions where it has a competitive advantage,” David Miller, global head of CS First Boston, wrote in a memo to staff.
The unit will be carved out of the Swiss lender.
The Swiss investment banking and capital markets business will be moved to the company’s Swiss Bank to offer services in its home market, according to the memo.
Credit Suisse announced on Thursday it would raise 4 billion Swiss francs ($4 billion) from investors, cut thousands of jobs and shift its focus from investment banking towards rich clients as the bank attempts to put years of scandals behind it, sending its shares sliding. (Reporting by Saeed Azhar; Editing by Lananh Nguyen and Chris Reese)
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