Credit Suisse Merges Compliance, Risk Units In Restructuring
Law360 (July 30, 2020, 9:52 PM EDT) -- Credit Suisse will merge its risk and compliance departments and reshuffle the units' executives amid a restructuring intended to streamline the global bank's operations in the face of COVID-19 and other challenging economic trends, the bank said Thursday.
Upon releasing second quarter results that included a 24% jump in net profits, the Switzerland-based bank also announced it will create new sustainability and centralized investment banking departments, in addition to combining the risk and compliance units, to further streamline operations and eliminate redundancies.
"We are seeking to take advantage of organizational opportunities, reducing fragmentation and eliminating duplications in certain areas of our operations...
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