Credit Suisse to integrate Clariden Leu
The savings are part of the previously announced target to increase Private Banking's contribution to the Group's pre-tax income by CHF 800 million ($874 million) by 2014. Hans-Ulrich Meister, Chief Executive Officer Private Banking of Credit Suisse, has been appointed Chairman of the Board of Directors of Clariden Leu. Hanspeter Kurzmeyer has been named as its new Chief Executive Officer. The legal and operational integration is expected to be completed by the end of 2012. The resulting job cuts are part of the three per cent headcount reduction at Credit Suisse Group over two years that was announced on 1 November 2011.