Credit Suisse dismantles asset management

ZURICH Tue Nov 20, 2012 1:29am EST

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ZURICH Nov 20 (Reuters) - Credit Suisse said on Tuesday it will dismantle its asset management unit into its private bank and promote fixed-income executive Gael de Boissard to co-run its investment bank.

De Boissard will join the Zurich-based bank's top management and jointly head the investment bank with current head Eric Varvel, who will run equities and the investment banking department, which includes corporate finance.

Credit Suisse's measures come three weeks after it said it will cut an extra 1 billion Swiss francs ($1.1 billion) of costs, including axing more jobs, as part of efforts to bolster its profits and capital position. (Reporting By Katharina Bart)

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