Credit Suisse is to “fully integrate” Clariden Leu into its bank, achieving annual cost savings of around SFr200 million (around $219 million) and some job reductions that are part of an intended 3 per cent staffing reduction over two years which was announced earlier this month

Credit Suisse is to “fully integrate” Clariden Leu into its bank, achieving annual cost savings of around SFr200 million (around $219 million) and some job reductions that are part of an intended 3 per cent staffing reduction over two years which was announced earlier this month.

The annual cost savings are part of the previously announced goal to increase private banking’s contribution to the group’s pre-tax income by SFr800 million by 2014, Credit Suisse said in a statement today.

As part of the changes, Hans Ulrich Meister, chief executive for private banking at Credit Suisse, has been appointed chairman of Clariden Leu’s board of directors. He succeeds Peter Eckert in the role.

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