BERN (Reuters) - Credit Suisse (VX:CSGN) is making progress in shrinking its investment bank as part of a restructure, the Swiss bank's new chief executive told a shareholder meeting on Thursday.
"We will soon have closed down or repriced unprofitable accounts within our prime services division and we are making 20 billion Swiss francs (13 billion pounds) of cuts in average assets and an 87 billion Swiss franc reduction of balance sheet exposures," Tidjane Thiam said according to prepared remarks ahead of a vote on two capital increases totalling around 6 billion francs.
"By the end of 2015, we will have already implemented this right-sizing process that we began in October."