Credit Suisse faced challenges in the third quarter, as Chief Executive Tidjane Thiam underlined in the last weeks, while the Zurich-based bank planned to axe thousands of jobs within the end of this year.
Credit Suisse expects to shed some 1,200 jobs by the end of this year—which come on top of 4,800 job cuts already; CEO swiss bank intends to de-emphasize its investment banking operations while bolstering wealth management businesses in Asia and Switzerland. The bank will report third-quarter results on November 3.
Upon this matter, on Tuesday, the Swiss bank has set up a wealth management firm in Channel Islands, with local financial service provider Stenham Group; the new company will offer clients a wealth advisory service, which includes access to the full range of Credit Suisse’s specialist wealth management products, services and lending solutions.
In the same day, accorging to an article in Business Insider, Credit Suisse's traders will launch very soon one of the biggest hedge fund this year. Qube, a quantitative-oriented hedge fund owned by Credit Suisse, started approaching investors about raising funds in the last few months and now has $800 million committed to the fund. It expects to manage more than $1.2 billion by early next year. A second fund owned by Credit Suisse and based in New York, QT, will be launch in 2017, and is expected to raise $600 million, according to the same report.
A Quantitative Hedge Fund is any Hedge Fund that relies upon algorithmic or systematic strategies for implementing its trading decisions. A spokesman for Credit Suisse declined to comment.
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