Credit Suisse takes axe to broking biz after multibillion-dollar losses

The long-awaited reorganisation, however, fell short of the sweeping overhaul expected by some investors.

Credit Suisse will rein in its investment bankers and plough money into looking after the fortunes of the world’s rich as it tries to curb a freewheeling culture that has cost it billions in a string of scandals.

Announcing the restructuring on Thursday, Chairman Antonio Horta-Osorio, who joined from Lloyds Bank in April to bring the Swiss lender to heel, said he was putting risk management and responsibility at the heart of its operations.

Switzerland’s second-biggest bank will all but stop funding hedge funds by shutting most of its prime brokerage business, a division blamed for racking up $5.5 billion in losses