Top CEO Says Firm Will Not Be Split Up, 'Significant' Jobs To Go At Deutsche Unit

Chisel Split Ice

Good news for some, bad news for others.

Reuters reports that Credit Suisse's organisational 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 which appeared Wednesday.

In the meantime, the news agency also reports that Credit Suisse has appointed its Southeast Asia CEO Helman Sitohang as the head of investment banking for Asia Pacific.

In the newly created role, Sitohang will be responsible for strengthening Credit Suisse's equities, fixed income and investment banking businesses in the region.

Finally, Bloomberg reports that Deutsche Bank is in talks with employee representatives on reducing headcount at its Sal. Oppenheim unit as the wealth manager will use more services offered by its parent.

The company will eliminate overlap between Sal. Oppenheim and Deutsche Bank over the next 15 months which will affect a 'significant' number of jobs, the Cologne, Germany-based division said Tuesday in an e-mailed statement. Deutsche Bank will seek to avoid forced firings, it said.

The German media is reported that up to 500 people could be impacted.

CEO says Credit Suisse not going to split itself up - paper

Credit Suisse names Helman Sitohang head of Asia Pac investment bank

Deutsche Bank to Cut Jobs at Sal. Oppenheim Wealth Manager Unit

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