But investment bank remains 'core to our strategy'.
Bloomberg News reports that Credit Suisse cut overall variable remuneration by 11%, with bonus reductions of more than 30% at divisions such as global markets 'that have underperformed', Thiam said. The Global Markets and Investment Banking & Capital Markets will probably struggle the most this year, he said.
'They are the ones we control the least', Thiam said. 'We want to have an investment bank with stable earnings. It will be smaller, consume less capital and be more profitable, which are three good things to do at the same time'.
Asked whether Credit Suisse considers selling a large part of its investment bank, Thiam said 'no, absolutely not', adding that it’s 'core to our strategy'.
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