Credit Suisse says that it plans to fully integrate private bank Clariden Leu into its organisation, achieving SFr200 million ($220 million) in annual cost savings.This content was published on November 15, 2011 - 08:23
The Swiss bank said the step was part of plans announced earlier this month to increase the contribution of its private bank to group pre-tax income by SFr800 million by 2014.
It said that unspecified job losses related to the move were part of 1,500 job cuts announced across the group on November 1.
"Credit Suisse expects that the integration of Clariden Leu will enable it to further strengthen its leadership position in global private banking," the bank said in a statement on Tuesday.
"By combining both banks' expertise and business volumes, it will be possible to build on their achievements to date."
Clariden Leu, which has 1,770 employees and 15 offices worldwide managing SFr94 billion in assets, was established in its current form in 2007 with the merger of Credit Suisse's five independent private banks.
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