June 8, 2014 / 4:30 PM / in 3 years

Credit Suisse mulls U.S. fixed income spin off: report

The logo of Swiss bank Credit Suisse is seen on an office building in Zurich May 20, 2014. REUTERS/Arnd Wiegmann

(Reuters) - Credit Suisse CSGN.VX is mulling a plan to spin off part of its fixed income business in the United States in order to help trim costs, according to a report in the Financial Times.

The Swiss bank is considering selling a stake in its subsidiary Wake USA - an electronic market for U.S. government bonds that it started with a high-speed trading group Tower Research - the FT said, citing unnamed sources familiar with the bank’s thinking.

A Credit Suisse spokesman did not immediately respond to a request seeking comment.

The report said regulatory pressures and a sharp fall in fixed income trading revenues besetting banks have prompted Credit Suisse to consider the move.

Reporting by Jennifer Saba in New York; Editing by Sophie Hares

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