ZURICH (Reuters) - Credit Suisse’s CSGN.VX organizational revamp is not a precursor to splitting up the Swiss bank, Chief Executive Brady Dougan said in a newspaper interview.
“We’re not going to split up Credit Suisse,” Dougan said in an interview with Swiss business publication Finanz und Wirtschaft set to appear on Wednesday.
Earlier on Tuesday, Credit Suisse reinforced its commitment to its fixed income business, all but abandoned by Swiss rival UBS UBSN.VX, by promoting debt banker Gael de Boissard to run fixed income and head up Europe.
Dougan also denied that a decision to put Credit Suisse’s private banking arm in control of the bank’s smaller asset management unit and to absorb some investment bank activities was related to a long-running tax probe by the United States.
“The new organization has nothing to do with the U.S. tax dispute. This is a purely organizational change,” Dougan was quoted as saying.
Dougan did not elaborate in the interview on the status of negotiations with the U.S. over the tax issue.
Reporting By Katharina Bart. Editing by Jane Merriman