Credit Suisse CEO Sergio Ermotti has revealed the bank has no plans to spin off or list parts of its business like its rival UBS is preparing to do for its Swiss universal banking by the end of 2016. As we previously noted, UBS said in October it planned to list a minority stake in the unit, which includes part of its private banking and corporate and institutional clients business in Switzerland, as part of a contrary strategic plan that also includes job cuts, raising capital and cutting back investment banking.
UBS CEO Sergio Ermotti has revealed the bank has no plans to spin off or list parts of its business like its rival Credit Suisse is preparing to do for its Swiss universal banking by the end of 2016. As we previously noted, Credit Suisse said in October it planned to list a minority stake in the unit, which includes part of its private banking and corporate and institutional clients business in Switzerland, as part of a contrary strategic plan that also includes job cuts, raising capital and cutting back investment banking.